After watching this if your not disturbed by the monetary system watch Conspiracy Theory Jesse Ventura Wall Street!

All of the listings were the similar [...]]]> Salt Lake City UT – First, it benefits the owner of the loan. This is because they get to sell the house at today’s price, versus what it will be worth 6-12 months down the road. I just did a comparison and pulled up sold listings.

All of the listings were the similar properties in similar neighborhoods. First, I looked up the average selling price per SQFT of homes that sold in Spring. They sold for an average of $103 a SQFT.

Then, I pulled up homes in the same neighborhoods that sold as REOs in the last 2 months. They are sold for an average of $85 a SQFT. These homes average 1,700 a SQFT. That means a 1,700 REO sold for $30,600 less. Ouch!

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

The other person that’s getting value is the buyer. They get a better deal in today’s market than buying a home from someone who is trying to squeeze out every penny.

You, the seller also benefit. You will be eligible to buy another home in 24 months. You have a better chance of getting a job, because many employers check that nowadays. A short sale is a win – win for everyone involved.

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 tom@spottedhome.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 801-403-9774.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Salt Lake City Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Tom Winand.

Tom is a Real Estate Broker at Spotted Home LLC.

Phone: 801-403-9774. tom@spottedhome.com.

We Believe in HOME

View My homes for sale at www.spottedhome.com.

Tom Winand specializes in loan modification assistance and short sales in Salt Lake City Utah. Salt Lake City Loan Modification Help, Salt Lake City Short Sales, Salt Lake City Short Sale Realtor. Short Sale Realtor. Salt Lake City UT Short Sales. Salt Lake City Realtor.

The only thing certain in life is death and taxes - Benjamin Franklin

The Stop Foreclosure Institute recently received a question from a homeowner facing foreclosure. I’ll call him Peter to protect his identity.

(Foreclosure is embarrassing and I don’t want to put his name out there.) Peter [...]]]> Salt Lake City UT -

The only thing certain in life is death and taxes - Benjamin Franklin

The Stop Foreclosure Institute recently received a question from a homeowner facing foreclosure. I’ll call him Peter to protect his identity.

(Foreclosure is embarrassing and I don’t want to put his name out there.) Peter asked, “I am six months behind on my mortgage payments. I just got the tax bill for 2010 in the mail. Should I pay it?”

He continued, “What will happen if I don’t pay it? Will my house be auctioned to pay the taxes?”

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Here is the answer to Peter’s Question. It all depends on what his plans are and how tight he is on money.

Most people in Peter situation fall into one of 3 categories.

Category A. They want to keep their home. They are already working on a loan modification with their lender. They are saving every extra penny possible and maybe even working an extra job.

Category B. They don’t want to keep their home. They might be thinking about a short sale or deed-in-lieu of foreclosure.

Category C. Cannot afford to keep their home, but want to stay there as long as possible. Maybe they bought an expensive home and aren’t making the big bucks anymore. But, they can afford to rent a smaller, less expensive home.

First a little background on Peter. Peter is in Florida. In Florida, the county cannot auction your home to pay the taxes for at least 2 years. But, usually it is 5-7 years before that actually happens.

This means you have a long window to pay back that tax bill. here is the other thing that often happens. Your lender pays the tax bill. I’m sure you’re asking, “Why would the lender pay the tax bill?”

To protect their interest. If the house gets sold at auction, the lender’s first mortgage could be wiped out. Lender’s have whole departments that do nothing but track property taxes that are due and pay them if necessary. They will pay back taxes and tack it onto what you owe them.

Here is one other caveat: The interest rate on delinquent property taxes in Florida is 10-18%. That can rack up pretty fast.

Here are my answers for how Peter should handle this tax bill.

If he falls into Category A: Pay the tax bill as soon as possible AFTER your loan mod is approved. However, Peter should first attempt to negotiate a successful loan modification with his lender.

Most lenders want a “good faith down payment” to modify a loan. So until the modification goes thru, Peter save all his money for that.

Because if the loan modification is not approved, then Peter will have wasted money paying the taxes. It will be just one less payment for the bank after they foreclose.

If he falls into Categories B or C: Do not pay the tax bill. The lender will end up paying the bill after they foreclose. Or, it will be paid as part of a short sale. Peter will have sold the house, or his lender will have foreclosed on it long before it can be auctioned for unpaid taxes.

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 tom@spottedhome.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 801-403-9774.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Salt Lake City Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Tom Winand.

Tom is a Real Estate Broker at Spotted Home LLC.

Phone: 801-403-9774. tom@spottedhome.com.

We Believe in HOME

View My homes for sale at www.spottedhome.com.

Tom Winand specializes in loan modification assistance and short sales in Salt Lake City Utah. Salt Lake City Loan Modification Help, Salt Lake City Short Sales, Salt Lake City Short Sale Realtor. Short Sale Realtor. Salt Lake City UT Short Sales. Salt Lake City Realtor.

Discover how other sellers successfully did a short sale and [...]]]> Salt Lake City UT – Many people don’t think they are eligible for a short sale because they have unpaid homeowner’s association dues. Don’t worry about paying them yourself. When you short sale your home the association dues will be paid by your lender.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

A homeowner’s association is a very small percentage of the overall short sale value. Lenders know that a short sale will net them substantially more money than a foreclosure.

I had an example in the post below. I showed a house that received a $119,900 short sale offer. The lender rejected that offer. The home was foreclosed on and sold for $96,400. That means that lender lost $23,500 by rejecting that short sale offer.

The short sale lenders have ran all the numbers on a short sale versus foreclosure. They have high paid actuaries who go through everything.

If they have to foreclose, then they want to make sure they get the most amount of money possible. They know that they can recoup their money faster with a short sale versus foreclosing on a house and then reselling it.

Because of that they are willing to pay your delinquent homeowners association dues. In addition, the bank pays the real estate agent (they will have to hire a real estate agent when they sell the house.)

They also pay the title insurance and property taxes, because they must be paid in order to sell a house. They have to pay all those costs when they sell a bank owned property.

The Bottom Line: All of the costs are borne by the bank in a short sale. You pay nothing.

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 tom@spottedhome.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 801-403-9774.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Salt Lake City Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Tom Winand.

Tom is a Real Estate Broker at Spotted Home LLC.

Phone: 801-403-9774. tom@spottedhome.com.

We Believe in HOME

View My homes for sale at www.spottedhome.com.

Tom Winand specializes in loan modification assistance and short sales in Salt Lake City Utah. Salt Lake City Loan Modification Help, Salt Lake City Short Sales, Salt Lake City Short Sale Realtor. Short Sale Realtor. Salt Lake City UT Short Sales. Salt Lake City Realtor.

Discover how other sellers successfully did a short sale and request [...]]]> Salt Lake City UT – Yesterday’s post talked about how banks lose money when they turn down short sale offers. A recent study by Boston Consulting Group showed that a lender will net 20% more money on a short sale versus a foreclosure.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

The reason is because short sales usually sell for more money than a foreclosure. A short sale is usually in good shape, while a foreclosure is usually in disrepair.

Most economic experts say housing is the biggest drag in today’s economy. Every single foreclosure that sells for less money drags the rest of the housing market down.

Homeowners often move out after they stop paying. The yard becomes overgrown. This drags the resale value down. In addition a foreclosure takes 18-24 months.

That means the banks loses money because of interest and property taxes on the house. This drags down the banks finances. They have less money to lend out, which causes another drag on the economy.

Here is an example of a rejected short sale that was foreclosed and resold. It illustrates that short sales sell for more money than a foreclosure.

A guy we knows listed a house for $130,000. Eventually an offer came in for $119,900. The agent attempted to negotiate a short sale with the lender. The lender turned it down.

The house was eventually foreclosed on 12 months later. It sold for $96,400. That is a $23,000 loss, before adding in the foreclosure costs, lost interest, property taxes, etc.

This is why you shouldn’t feel bad that you are short selling your home. In fact, I think you should get an award because of what you are doing to help the economy.

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 tom@spottedhome.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 801-403-9774.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Salt Lake City Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Tom Winand.

Tom is a Real Estate Broker at Spotted Home LLC.

Phone: 801-403-9774. tom@spottedhome.com.

We Believe in HOME

View My homes for sale at www.spottedhome.com.

Tom Winand specializes in loan modification assistance and short sales in Salt Lake City Utah. Salt Lake City Loan Modification Help, Salt Lake City Short Sales, Salt Lake City Short Sale Realtor. Short Sale Realtor. Salt Lake City UT Short Sales. Salt Lake City Realtor.

Discover how other sellers successfully did a short sale and request a free consultation by [...]]]> Salt Lake City UT – Many people ask if they should do a deed-in-lieu of foreclosure and give their house back to their lender. A deed-in-lieu does have its benefits. Lenders like them because they speed up the foreclosure.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

A deed-in-lieu is the equivalent to a “No Contest” plea in a criminal trial. You just give up on the foreclosure. If there is a foreclosure court case, the judge will still have to schedule a foreclosure sale.

Contrary to popular opinion, a deed-in-lieu does not automatically release you from the debt. This means that your lender could be pursuing you five years later, after you get back on your feet.

There is an application process. You will have to spend between 5 and 10 hours submitting paperwork to your lender before they will approve the deed-in-lieu. Yes, I think it’s crazy!

Why should you have to submit paperwork to make it easier for your lender to foreclose on your house? Doesn’t make any sense. That is why I recommend a short sale instead of a deed-in-lieu.

You get to avoid the humiliation of a foreclosure. In addition, most short sales allow you to stay in the home rent free for 3-6 months. And you can get up to $3,000 from HAFA.

That will help cover the cost to move and maybe even cover the deposit on a rental property. The other advantage with a short sale is that you will be able to buy another home sooner.

Because a deed-in-lieu acts as a foreclosure, you will not be eligible for a new mortgage for 5-7 years. With a short sale, you can be eligible to buy another house in 2 years.

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 tom@spottedhome.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 801-403-9774.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Salt Lake City Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Tom Winand.

Tom is a Real Estate Broker at Spotted Home LLC.

Phone: 801-403-9774. tom@spottedhome.com.

We Believe in HOME

View My homes for sale at www.spottedhome.com.

Tom Winand specializes in loan modification assistance and short sales in Salt Lake City Utah. Salt Lake City Loan Modification Help, Salt Lake City Short Sales, Salt Lake City Short Sale Realtor. Short Sale Realtor. Salt Lake City UT Short Sales. Salt Lake City Realtor.

I love this Guy Fraud is Fraud!!!!!!

This is a clip of the most interesting part of the Town Hall Put on By Rep Trisha Beck. Thanks You Trisha.  I really liked hearing the stories of home owners.  I couldn’t tape my self.  I said it was once said Greed is Good in a movie if that is true banks [...]]]>

This is a clip of the most interesting part of the Town Hall Put on By Rep Trisha Beck. Thanks You Trisha.  I really liked hearing the stories of home owners.  I couldn’t tape my self.  I said it was once said Greed is Good in a movie if that is true banks are great.  They are Greed incorporated!!!!!  I stand by that statements Banks are Greed Inc.

I hope they get mediation in the laws of Utah. I would expect it not to pass in Utah because were so conservative, but it has help in Nevada. I see the bank trying to get the home foreclosed at all cost even forging documents. I’m an expert [...]]]>

I hope they get mediation in the laws of Utah. I would expect it not to pass in Utah because were so conservative, but it has help in Nevada. I see the bank trying to get the home foreclosed at all cost even forging documents. I’m an expert witness and consultant on 2 RESPA violation Lawsuits where the homeowner rescinded there mortgages.

I know Doug Delquadro, he is a great guy and it’s not easy to go through what he did. There are options don’t wait until it too late we help you avoid foreclosure! Let me help you we’ll look at your paperwork and go over your options! I’m committed that you have power and freedom and a future of home ownership! I believe in Home!

Posted by me @ WWW.Salt Lake City Short Sale Realtor.com