Friday, July 29, 2011

Antioch TN Piccadilly Square Successful FHA Short Sale Closing

Antioch TN Piccadilly Square Successful FHA Short Sale Closing
Antioch TN Piccadilly Square Successful FHA Short Sale Closing
Antioch TN Piccadilly Square Successful FHA Short Sale Closing
Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Antioch, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Antioch Tennessee (in Piccadilly Square) FHA short sale listed and sold in just 44 days. Jim was able to get this Antioch FHA short sale pre-approved and priced to sell due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan type and correctly packaging and handling the seller's application to the HUD Preforeclosure Sale Program (see my blog post FHA Insured Loan Foreclosure and Short Sale Process for information about this short sale program).
  • Understanding the FHA short sale and offer approval process.
  • A reasonably accurate appraisal by the bank (EverHome Mortgage).
Please do not let the bank foreclose on you. If you have an FHA insured mortgage loan, or any mortgage loan, and you have missed payments, or will miss payments, please contact Jim for a free no obligation consultation to discuss your foreclosure prevention options.

Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Antioch, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Antioch, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner, Wilson and Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)

Nashville TN Sugar Valley Successful FHA Short Sale Closing

Nashville TN Sugar Valley Successful FHA Short Sale Closing

Nashville TN Sugar Valley Successful FHA Short Sale Closing Nashville TN Sugar Valley Successful FHA Short Sale Closing
Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Nashville Tennessee (in Sugar Valley) FHA short sale listed and sold in 98 days. Jim was able to get this Nashville FHA short sale pre-approved and priced to sell due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan type and correctly packaging and handling the seller's application to the HUD Preforeclosure Sale Program (see my blog post FHA Insured Loan Foreclosure and Short Sale Process for information about this short sale program).
  • Understanding the FHA short sale and offer approval process.
  • A reasonably accurate appraisal by the bank (Wells Fargo).
Please do not let the bank foreclose on you. If you have an FHA insured mortgage loan, or any mortgage loan, and you have missed payments, or will miss payments, please contact Jim for a free no obligation consultation to discuss your foreclosure prevention options.

Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville or Middle Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner & Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)

Saturday, May 28, 2011

How To File A Complaint Against A Bank

How To File A Complaint Against A Bank
If your mortgage loan is serviced or owned (i.e. the "investor" on the loan) by one of the large national banks (see the partial list below), you can probably file a complaint against the bank at the Office of the Comptroller of the Currency (OCC) - Administrator of National Banks, which is a US government office set up as an independent bureau of the United States Department of the Treasury. You can find out more information regarding the OCC on the Wikipedia Office of the Comptroller of the Currency page.
Partial list of the large national banks which would fall under the jurisdiction of the OCC:
  • Bank of America (BAC Home Loans and also formerly Countrywide)
  • Bank of New York (also formerly Mellon Bank)
  • Chase (JPMorgan Chase)
  • CitiMortgage
  • Commerce Bank, N.A.
  • Green Bank
  • OneWest
  • Wells Fargo (also formerly Wachovia)
  • U.S. Bank
If your bank or mortgage company is not listed above, you can check to see if the OCC would regulate your bank or mortgage company by visiting the Federal Financial Institutions Examination Council (FFIEC) Consumer Help Center. You can find out more information regarding the FFIEC on the Wikipedia Federal Financial Institutions Examination Council page. If the search function on the FFIEC page indicates that the OCC does not supervise the bank or mortgage company that you want to file a complaint against, it will tell you the correct regulatory authority to pursue your complaint with.

If your bank or mortgage company is not working with you to help avoid foreclosure, I recommend that you file a complaint to help prevent foreclosure. The bank will respond. The last OCC complaint that I recommended a client file resulted in phone calls from the bank's vice president's office. In addition to filing the complaint, you should contact a foreclosure defense and/or bankruptcy attorney, a short sale real estate specialist like myself, or a legitimate mortgage loan counselor. Please just do not let the bank foreclose on you without trying to prevent foreclosure. If you have a mortgage loan with Wells Fargo, Bank of America (BAC Home Loans or Countrywide Mortgage), CitiMortgage, Chase (JPMorgan Chase), America's Servicing Company (ASC), GMAC, a Fannie Mae owned loan, a Freddie Mac owned loan, an FHA insured mortgage loan, a THDA mortgage loan, or any type mortgage loan, and you have missed mortgage payments, or will miss mortgage payments, please Contact Jim for a free no obligation consultation to discuss your foreclosure prevention options.

Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville or Middle Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner & Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)

Nashville TN Reelfoot Neighborhood Successful Short Sale Closing

Nashville TN Reelfoot Neighborhood Successful Short Sale Closing

Nashville Tennessee (in Reelfoot) Bank of America (servicer)/Fannie Mae (loan investor-owner) short sale approved and closed despite several scheduled foreclosure sales and consistent overvaluation of the property by Bank of America Nashville TN Reelfoot Neighborhood Successful Short Sale Closing

Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Nashville Tennessee (in Reelfoot) Bank of America (servicer)/Fannie Mae (loan investor-owner) short sale approved and closed despite several scheduled foreclosure sales and consistent overvaluation of the property by Bank of America. The sale price was $85,000 with the seller (really the short sale lender) paying 3% of the sale price toward the buyer's closing costs plus the short sale lender paid the title insurance, closing fees and transfer tax in order to minimize the cash needed from the buyer. Jim was able to get this difficult Nashville short sale approved so quickly due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan type and correctly packaging and handling the seller's financial information and subsequent submissions to the short sale lender for short sale offer approval.
  • Understanding the Bank of America and Fannie Mae short sale process from initial submission to short sale offer approval to short sale closing approval.
  • Consistent and diligent effort to get Bank of America to finally value the property correctly.
As always, I recommend that financially distressed homeowners use this extra time to take action and prevent foreclosure. Contact a foreclosure defense and/or bankruptcy attorney, a short sale real estate specialist like myself, or a legitimate mortgage loan counselor. Please just do not let the bank foreclose on you without trying to prevent foreclosure. If you have a mortgage loan with Wells Fargo, Bank of America (BAC Home Loans or Countrywide Mortgage), CitiMortgage, Chase (JPMorgan Chase), America's Servicing Company (ASC), GMAC, a Fannie Mae owned loan, a Freddie Mac owned loan, an FHA insured mortgage loan, a THDA mortgage loan, or any type mortgage loan, and you have missed mortgage payments, or will miss mortgage payments, please Contact Jim for a free no obligation consultation to discuss your foreclosure prevention options.

Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville or Middle Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner & Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)

Brentwood TN Concord Place Successful FHA Short Sale Closing

Brentwood TN Concord Place Successful FHA Short Sale Closing
Brentwood TN FHA Short Sale Under Contract, Approved And Closed In 76 DaysBrentwood TN Concord Place Successful FHA Short Sale Closing
Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Brentwood Tennessee (in Concord Place) FHA short sale under contact, approved and closed in 76 days. The sale price was $197,000 with the seller (really the short sale lender) paying 1% of the sale price toward the buyer's closing costs plus the short sale lender paid the title insurance, closing fees and transfer tax in order to minimize the cash needed from the buyer. Jim was able to get this Brentwood short sale approved so quickly due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan type and correctly packaging and handling the seller's application to the HUD Preforeclosure Sale Program (see my blog post FHA Insured Loan Foreclosure and Short Sale Process for information about this short sale program) and subsequent submissions to the short sale lender for short sale offer approval.
  • Understanding the FHA short sale process from application to short sale offer approval to short sale closing approval.
  • A reasonably accurate appraisal by the bank (Bank of America).
As always, I recommend that financially distressed homeowners use this extra time to take action and prevent foreclosure. Contact a foreclosure defense and/or bankruptcy attorney, a short sale real estate specialist like myself, or a legitimate mortgage loan counselor. Please just do not let the bank foreclose on you without trying to prevent foreclosure. If you have a mortgage loan with Wells Fargo, Bank of America (BAC Home Loans or Countrywide Mortgage), CitiMortgage, Chase (JPMorgan Chase), America's Servicing Company (ASC), GMAC, a Fannie Mae owned loan, a Freddie Mac owned loan, an FHA insured mortgage loan, a THDA mortgage loan, or any type mortgage loan, and you have missed mortgage payments, or will miss mortgage payments, please Contact Jim for a free no obligation consultation to discuss your foreclosure prevention options.

Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville or Middle Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner & Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)

Wednesday, May 18, 2011

Hendersonville TN FHA Short Sale Successful Closing

Hendersonville TN FHA Short Sale Successful Closing

Hendersonville TN FHA Short Sale Under Contract In Less Than 30 Days Hendersonville TN FHA Short Sale Under Contract and Closed In Less Than 90 Days

Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Hendersonville Tennessee (in Alexandrea Place) FHA short sale under contract and successfully closed in less than 90 days. Jim was able to get this Hendersonville FHA mortgage short sale approved and closed so quickly due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan type and correctly packaging and handling the seller's application to the HUD Preforeclosure Sale Program (see my blog post FHA Insured Loan Foreclosure and Short Sale Process for information about this short sale program).
  • Understanding the FHA short sale approval and closing process.
  • Willingness and ability to fight the bank (Chase) despite the fact that they mishandled the short sale for months. Ultimately, Jim got the FHA National Servicing Center involved in order to get the bank to process the short sale correctly so that another unnecessary foreclosure is prevented.
  • A reasonably accurate appraisal by the bank.
As always, I recommend that financially distressed homeowners use this extra time to take action and prevent foreclosure. Contact a foreclosure defense and/or bankruptcy attorney, a short sale real estate specialist like myself, or a legitimate mortgage loan counselor. Please just do not let the bank foreclose on you without trying to prevent foreclosure. If you have a mortgage loan with Wells Fargo, Bank of America (BAC Home Loans or Countrywide Mortgage), CitiMortgage, Chase (JPMorgan Chase), America's Servicing Company (ASC), GMAC, a Fannie Mae owned loan, a Freddie Mac owned loan, an FHA insured mortgage loan, a THDA mortgage loan, or any type mortgage loan, and you have missed mortgage payments, or will miss mortgage payments, please Contact Jim for a free no obligation consultation to discuss your foreclosure prevention options.

Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville or Middle Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner & Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)

Banks Delay Foreclosure To Consider Short Sales - Homeowners Live Mortgage Free For Longer

Banks Delaying Foreclosure To Consider Short Sales - Homeowners Living "Mortgage Free" For Longer

According to this RealtyTrac article, Foreclosure Activity at 40-Month Low, foreclosure activity (foreclosure filings, notices of default, notices of trustee sale, foreclosure auctions and REO's, etc.) is on the overall decline. While this sounds like good news, the problem is that foreclosure activity remains at historically high levels, and, according to James J. Saccacio, chief executive officer of RealtyTrac, the foreclosure activity slowdown is due to foreclosure process delays rather than any type of housing market recovery. For example, the article states that Mortgage Bankers Association data shows that 3.7 million properties now have mortgages that are "seriously delinquent" (i.e. mortgages that are highly likely to be foreclosed eventually). He goes on to state that the delays occur in two stages: stage 1- delinquency to foreclosure process and stage 2 - foreclosure process to actual foreclosure (i.e. the bank takes the property).

Mr. Saccacio believes that delays in the delinquency to foreclosure process stage is due to banks, mortgage companies and mortgage servicers "are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives". For example, the article states that the nationwide average timeframe to complete foreclosure is now at 400 days (up from 340 days in 2010 Q1 and 151 days in 2007 Q1). The article also mentions that the foreclosure process in states such as New Jersey, New York and Florida take even longer. While the article does not provide any information for Tennessee, I can say from personal experience that the foreclosure process in the Nashville Tennessee is definitely taking longer that it used to. A side effect of this foreclosure process delay policy is that financially distressed homeowners can reside in their homes for a long time all why paying no mortgage. In other words, homeowners and property owners facing foreclosure can live "mortgage free" for a long time! This is actually be good news for financially distressed homeowners and property owners who have defaulted on their mortgage loans. Personally, I know it is a good thing for my short sale clients. Reducing foreclosures by allowing more short sales is the right thing to do for the homeowners, property owners, bank shareholders and taxpayers. We will see if that favorable trend continues.

As always, I recommend that financially distressed homeowners use this extra time to take action and prevent foreclosure. Contact a foreclosure defense and/or bankruptcy attorney, a short sale real estate specialist like myself, or a legitimate mortgage loan counselor. Please just do not let the bank foreclose on you without trying to prevent foreclosure. If you have a mortgage loan with Wells Fargo, Bank of America (BAC Home Loans or Countrywide Mortgage), CitiMortgage, Chase (JPMorgan Chase), America's Servicing Company (ASC), GMAC, a Fannie Mae owned loan, a Freddie Mac owned loan, an FHA insured mortgage loan, a THDA mortgage loan, or any type mortgage loan, and you have missed mortgage payments, or will miss mortgage payments, please Contact Jim for a free no obligation consultation to discuss your foreclosure prevention options.

Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville or Middle Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner & Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)

Monday, April 25, 2011

Nashville TN Flood Destroyed Short Sale Under Contract In Under 7 Days With Multiple Offers

Nashville TN Flood Destroyed Short Sale Under Contract In Under 7 Days With Multiple Offers

Nashville TN Flood Destroyed Short Sale Under Contract In Under 7 Days With Multiple Offers Nashville TN Flood Destroyed Short Sale Under Contract In Under 7 Days With Multiple Offers

Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Nashville Tennessee (in the Bellevue area in Harpeth Woods) short sale under contract in under 7 days with multiple offers. If you are interested in learning more about this property please Contact Jim.
Jim was able to get this Nashville Tennessee (in the Bellevue area in Harpeth Woods) short sale short sale under contract in under 7 days with multiple offers due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan type, loan owner (Fannie Mae) and correctly marketing the property and handling the short sale offer process due to havin detailed offer instructions for buyers in order to standardize offers into formats that short sale lenders want to receive.
  • Creating a uniform bidding process that greatly reduces the unknowns for potential buyers, thus attracting more qualified buyers.
  • Understanding the short sale process of the short sale lender (Wells Fargo and Fannie Mae).
Please do not let the bank foreclose on you. If you have a Wells Fargo serviced loan, a Fannie Mae owned loan, a Freddie Mac owned loan, an FHA insured mortgage loan, or any mortgage loan, and you have missed payments, or will miss payments, please Contact Jim for a free no obligation consultation to discuss your foreclosure prevention options.

Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville or Middle Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner & Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)

LaVergne (aka La Vergne) TN FHA Short Sale With Approved List Price

LaVergne (aka La Vergne) TN FHA Short Sale With Approved List Price

Nashville TN FHA Short Sale Pre-Approved and Priced to Sell LaVergne TN FHA Short Sale With Approved List Price
Make an Offer - Contact Jim McCormack for Details

Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this LaVergne (aka La Vergne) Tennessee (in Lake Forest) FHA short sale pre-approved and priced to sell. If you are interested in this property please Contact Jim.

Jim was able to get this LaVergne (aka La Vergne) FHA short sale pre-approved and priced to sell with a short sale bank appraised value of $86,000 due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan type and correctly packaging and handling the seller's application to the HUD Preforeclosure Sale Program (see my blog post FHA Insured Loan Foreclosure and Short Sale Process for information about this short sale program).
  • Understanding the FHA short sale process including challenging the original $115,000 appraisal and successfully getting the property re-appraised and re-approved for short sale at the current list price.
  • A reasonably accurate new appraisal by the bank (CitiMortgage).
Please do not let the bank foreclose on you. If you have an FHA insured mortgage loan, or any mortgage loan, and you have missed payments, or will miss payments, please Contact Jim for a free no obligation consultation to discuss your foreclosure prevention options.

Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville or Middle Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner & Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)

Sunday, April 24, 2011

Brentwood TN FHA Short Sale With Approved List Price

Brentwood TN FHA Short Sale With Approved List Price

Nashville TN FHA Short Sale Pre-Approved and Priced to Sell Brentwood TN FHA Short Sale With Approved List Price
Make an Offer - Contact Jim McCormack for Details

Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Brentwood Tennessee (in Brookfield) FHA short sale pre-approved and priced to sell. If you are interested in this property please Contact Jim.

Jim was able to get this Brentwood FHA short sale pre-approved and priced to sell with a short sale bank appraised value of $450,000 due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan type and correctly packaging and handling the seller's application to the HUD Preforeclosure Sale Program (see my blog post FHA Insured Loan Foreclosure and Short Sale Process for information about this short sale program).
  • Understanding the FHA short sale process including challenging the original $480,000 appraisal and successfully getting the property re-appraised and re-approved for short sale at the current list price.
  • A reasonably accurate new appraisal by the bank (Wells Fargo).
Please do not let the bank foreclose on you. If you have an FHA insured mortgage loan, or any mortgage loan, and you have missed payments, or will miss payments, please Contact Jim for a free no obligation consultation to discuss your foreclosure prevention options.

Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville or Middle Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner & Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)

Monday, April 11, 2011

Nashville TN FHA Short Sale Pre-Approved and Priced to Sell

Nashville TN FHA Short Sale Pre-Approved and Priced to Sell

Nashville TN FHA Short Sale Pre-Approved and Priced to Sell Nashville TN FHA Short Sale Pre-Approved and Priced to Sell
Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Nashville Tennessee (in Sugar Valley) FHA short sale pre-approved and priced to sell. If you are interested in this property please Contact Jim. Jim was able to get this Nashville FHA short sale pre-approved and priced to sell due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan type and correctly packaging and handling the seller's application to the HUD Preforeclosure Sale Program (see my blog post FHA Insured Loan Foreclosure and Short Sale Process for information about this short sale program).
  • Understanding the FHA short sale process.
  • A reasonably accurate appraisal by the bank (Wells Fargo).
Please do not let the bank foreclose on you. If you have an FHA insured mortgage loan, or any mortgage loan, and you have missed payments, or will miss payments, please Contact Jim for a free no obligation consultation to discuss your foreclosure prevention options.

Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville or Middle Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner & Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)

Hendersonville TN FHA Short Sale Under Contract In Less Than 30 Days

Hendersonville TN FHA Short Sale Under Contract In Less Than 30 Days

Hendersonville TN FHA Short Sale Under Contract In Less Than 30 Days Hendersonville TN FHA Short Sale Under Contract In Less Than 30 Days
Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Hendersonville Tennessee (in Alexandrea Place) FHA short sale under contact with multiple offers in less than 30 days. The sale is scheduled to close in a few weeks pending short sale approval. Jim was able to get this Hendersonville short sale approved so quickly due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan type and correctly packaging and handling the seller's application to the HUD Preforeclosure Sale Program (see my blog post FHA Insured Loan Foreclosure and Short Sale Process for information about this short sale program).
  • Understanding the FHA short sale process.
  • Willingness and ability to fight the bank (Chase) despite the fact that they mishandled the short sale for months. Ultimately, Jim got the FHA National Servicing Center involved in order to get the bank to process the short sale correctly so that another unnecessary foreclosure is prevented.
  • A reasonably accurate appraisal by the bank.
Please do not let the bank foreclose on you. If you have an FHA insured mortgage loan, or any mortgage loan, and you have missed payments, or will miss payments, please Contact Jim for a free no obligation consultation to discuss your foreclosure prevention options.

Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville or Middle Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner & Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)

Brentwood TN FHA Short Sale Under Contract and Approved In Under 30 Days

Brentwood TN FHA Short Sale Under Contract and Approved In Under 30 Days

Brentwood TN FHA Short Sale Under Contract and Approved In Under 30 Days
Brentwood TN FHA Short Sale Under Contract and Approved In Under 30 Days
Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Brentwood Tennessee (in Concord Place) FHA short sale under contact and approved in less than 30 days. The sale is scheduled to close in a few weeks. Jim was able to get this Brentwood short sale approved so quickly due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan type and correctly packaging and handling the seller's application to the HUD Preforeclosure Sale Program (see my blog post FHA Insured Loan Foreclosure and Short Sale Process for information about this short sale program).
  • Understanding the FHA short sale process.
  • An reasonably accurate appraisal by the bank.
Per my previous blog posts, Brentwood Distressed Sales Activity Increasing and Brentwood Governors Club Seeing More Distress Sales, the number of short sales and foreclosure sales in Brentwood Tennessee is increasing. Please do not let the bank foreclose on you. If you have an FHA insured mortgage loan, or any mortgage loan, and you have missed payments, or will miss payments, please Contact Jim for a free no obligation consultation to discuss your foreclosure prevention options.

Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, LaVergne, Columbia, Mt. Juliet, Springfield, Gallatin, Hendersonville or Middle Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner & Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)

Wednesday, March 9, 2011

New Tennessee Mortgage Foreclosure Deficiency Law

New Tennessee Mortgage Foreclosure Deficiency Law
Banks and Mortgage Lenders Limited to Two Years to Pursue Deficiency Judgment After Foreclosure
Law Both Helps and Hurts Homeowners Facing Foreclosure


Many financially distressed homeowners who are facing foreclosure are concerned about the potential for a post-foreclosure deficiency judgment (basically the difference between what is owed plus foreclosure and holding costs less the amount of net proceeds received by the bank due to the foreclosure sale). The New Tennessee Mortgage Foreclosure Deficiency Law helps borrowers by limiting that "foreclosure deficiency window" to 2 years, but it also establishes a calculation for the mortgage foreclosure deficiency. Namely, the law allows the banks and mortgage lenders to take the amount owed, add sale and holding costs to that figure and then use the foreclosure sale price as the "market value". Since foreclosures generally sell for below market this exacerbates the mortgage foreclosure deficiency amount, and, thus this new law could potentially hurt financially struggling former homeowners who lost their home via foreclosure. Therefore, even with the protection this new law offers former homeowners who where foreclosed, it still does little to address the fact that short sales are a much better alternative financially for homeowners versus foreclosure.

Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, La Vergne, Columbia, Mt. Juliet, Springfield, Gallatin and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville Tennessee, Franklin Tennessee, Brentwood Tennessee, Nolensville Tennessee, Spring Hill Tennessee, Murfreesboro Tennessee, Smyrna Tennessee or La Vergne Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner & Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)

Monday, March 7, 2011

Waiting Periods to Buy a Home After Foreclosure, Deed-in-Lieu, Short Sale and Bankruptcy

Waiting Periods to Buy a Home After Foreclosure, Deed-in-Lieu, Short Sale and Bankruptcy Buying a Home and Getting a Mortgage Loan After Foreclosure, Deed-in-Lieu, Short Sale and Bankruptcy
(Updated 5/2/2012)
Many financially distressed homeowners who are facing foreclosure and considering a deed-in-lieu of foreclosure, short sale or even bankruptcy have asked me how long they will need to wait to buy a home after foreclosure, short sale or bankruptcy. Since the answers are found in multiple places, I decided to compile a complete list and cross reference them for accuracy. In order to accomplish that task and compile the Waiting Periods to Buy a Home After Foreclosure, Deed-in-Lieu, Short Sale and Bankruptcy below, I utilized the following sources: Waiting Periods to Buy a Home After Foreclosure, Deed-in-Lieu, Short Sale and Bankruptcy Federal Housing Administration (FHA) Insured Loan FHA Extenuating Circumstances: "Serious illness or death of a wage earner. Divorce and the inability to sell a property due to a job transfer or relocation does not qualify as an acceptable extenuating circumstance."
  • Foreclosure - 3 years from the date foreclosure completed and property transferred back to the bank.  Less than 2 years, but not less than 12 months from the date foreclosure completed and property transferred back to the bank may be possible with acceptable "extenuating circumstances".
  • Deed-in Lieu - Same as Foreclosure.
  • Short Sale - 3 years from the date sale closed and transferred to the new owner.  No waiting period if seller/borrower had no late payments on any mortgages and consumer debts within the 12 month period preceding the short sale AND seller/borrower was not taking advantage of declining market conditions.
  • Bankruptcy (Chapter 7) - 2 years from date of bankruptcy discharge with re-established credit paid as agreed or no new credit obligations incurred.   Less than 2 years, but not less than 12 months from the date of bankruptcy discharge may be possible with acceptable "extenuating circumstances" AND borrower has since exhibited a documented ability to manage financial affairs in a responsible manner.
  • Bankruptcy (Chapter 13) - 1 year from the start date of the bankruptcy re-payment period has elapsed and the borrower's payment performance has been satisfactory and all required payments made on time.
Veterans Administration (VA) Guaranteed Loan VA Extenuating Circumstances: "Unemployment, prolonged strikes medical bills not covered by insurance, etc. Divorce is not viewed as beyond the control of the borrower and/or spouse."
  • Foreclosure - 2 years from the date foreclosure completed and property transferred back to the bank.  Less than 2 years, but not less than 12 months from the date foreclosure completed and property transferred back to the bank may be possible if credit re-established and paid as agreed and with acceptable "extenuating circumstances".
  • Deed-in Lieu - Same as Foreclosure.
  • Short Sale - 2 years from the date sale closed and transferred to the new owner.  No waiting period if seller/borrower had no late payments on any mortgages and consumer debts within the 12 month period preceding the short sale AND seller/borrower was not taking advantage of declining market conditions.
  • Bankruptcy (Chapter 7) - 2 years from date of bankruptcy discharge.   Less than 2 years, but not less than 12 months from the date of bankruptcy discharge may be possible if credit re-established and paid as agreed and with acceptable "extenuating circumstances".
  • Bankruptcy (Chapter 13) - 1 year from the start date of the bankruptcy re-payment period has elapsed and the borrower's payment performance has been satisfactory and all required payments made on time.
United States Department of Agriculture (USDA) Rural Housing Loan USDA Extenuating Circumstances: "Loss of job; delay or reduction in government benefits or other loss of income; increased expenses due to illness, death, etc. Circumstances surrounding the adverse information must have been temporary in nature, and beyond the applicant's control, and have been removed so their reoccurrence is unlikely or the adverse action or delinquency was the result of a refusal to make full payment because of defective goods or services or as a result of some other justifiable dispute relating to the goods or services purchased or contracted for."
  • Foreclosure - 3 years from the date foreclosure completed and property transferred back to the bank.  Less than 3 years from the date foreclosure completed and property transferred back to the bank may be possible with acceptable "extenuating circumstances".
  • Deed-in Lieu - Same as Foreclosure.
  • Short Sale - Same as Foreclosure.
  • Bankruptcy (Chapter 7 or 11) - 3 years from date of bankruptcy discharge.   Less than 3 years from the date of bankruptcy discharge may be possible with acceptable "extenuating circumstances".
  • Bankruptcy (Chapter 13) - 1 year from date repayment was completed and bankruptcy discharge.   Less than 1 year from the date of bankruptcy discharge may be possible with acceptable "extenuating circumstances".
Conventional Conforming Mortgage Loan (meets Fannie Mae (FNMA) and Freddie Mac (FHLMC) Loan Purchasing Guidelines) Conventional Extenuating Circumstances: "Nonrecurring events that are beyond the borrower's control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations."
  • Foreclosure - 7 years from the date foreclosure completed and property transferred back to the bank if there are no acceptable "extenuating circumstances".  3 years from the date foreclosure completed and property transferred back to the bank with acceptable "extenuating circumstances" AND at least 10% Down Payment.  Primary home purchase and rate/term refinance only (non-owner occupied and second homes not allowed).
  • Deed-in Lieu - 7 years from the date sale closed and transferred to the new owner or foreclosure completed and property transferred back to the bank with less than 10% Down Payment.  4 years from the date sale closed and transferred to the new owner or foreclosure completed and property transferred back to the bank with 10% Down Payment.  2 years from the date sale closed and transferred to the new owner or foreclosure completed and property transferred back to the bank with 20% Down Payment.  2 years from the date sale closed and transferred to the new owner or foreclosure completed and property transferred back to the bank with 10% Down Payment and acceptable "extenuating circumstances".
  • Short Sale - Same as Deed-in Lieu.
  • Bankruptcy (Chapter 7 or 11) - 4 years from date of bankruptcy discharge.   2 years from the date of bankruptcy discharge may be possible with acceptable "extenuating circumstances".
  • Bankruptcy (Chapter 13) - 2 years from date of bankruptcy discharge.  4 years from date of bankruptcy dismissal.
As you can see by the information above and the lesser credit damage caused by a short sale (versus a deed-in-lieu, foreclosure or bankruptcy), a short sale is generally the best option for a financially distressed homeowner who is facing foreclosure or who cannot afford to pay their mortgage. You should contact a foreclosure defense and/or bankruptcy attorney, a short sale real estate specialist like myself, or a legitimate mortgage loan counselor to evaluate all of your options. Please just do not let the bank foreclose on you without trying to prevent foreclosure. If you have a mortgage loan with Wells Fargo, Bank of America (BAC Home Loans or Countrywide Mortgage), CitiMortgage, Chase (JPMorgan Chase), America's Servicing Company (ASC), GMAC, a Fannie Mae owned loan, a Freddie Mac owned loan, an FHA insured mortgage loan, a THDA mortgage loan, or any type mortgage loan, and you have missed mortgage payments, or will miss mortgage payments and live in the Nashville Tennessee area (Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Antioch, Columbia, Mt. Juliet, Springfield, Gallatin, Hermitage and Hendersonville), please contact Nashville Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options including a short sale or short sales (if you have multiple properties).

______________________________________________

Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim's Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Expert and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.

Mortgage Banking Official Says Loan Modifications Virtually Impossible

Mortgage Banking Official Says Loan Modifications Virtually Impossible
Homeowners Facing Foreclosure Have Almost No Chance of Getting Their Payment Lowered


According to this article in The Salt Lake Tribune, Bankers: Modifying Utah mortgages unrealistic, Howard Headlee, president of the Utah Bankers Association, said "It is virtually impossible for homeowners trapped in a foreclosure process to try to renegotiate the terms of their loans." The article goes on to say that Mr. Headlee described the loan modification process for homeowners and borrowers facing foreclosure with the statement "It’s kind of like unscrambling an egg." as a result of the fact that most mortgage loans are sold several times and/or broken up into mortgage loan backed securities. As a result, in most cases there is no single loan owner who can decided on if or how to modify the loan. The unfortunate outcome of this reality is that homeowners and borrowers who can't afford their current mortgage payment, but who could pay a reasonably reduced mortgage payment will not get help and financial assistance they need. In short, they are doomed from the start. Therefore, the only truly viable options for financially distressed homeowners and borrowers are short sale, bankruptcy and foreclosure. Since foreclosure is the worst possible outcome (and really the result of taking no action), financially distressed homeowners and borrowers should pursue short sale and bankruptcy options thoroughly before considering letting the mortgage company or bank foreclose on their home.

Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, La Vergne, Columbia, Mt. Juliet, Springfield, Gallatin and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville Tennessee, Franklin Tennessee, Brentwood Tennessee, Nolensville Tennessee, Spring Hill Tennessee, Murfreesboro Tennessee, Smyrna Tennessee or La Vergne Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner & Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)