Bill & Cathy Ivey, CDPEs, ABRs

Freddie Mac Announces Up to 12-Month Forbearance for Unemployed

Fri, 13 Jan 2012 08:30:04 GMT

Freddie Mac Announces Up to 12-Month Forbearance for Unemployed

Effective Feb. 1, Freddie Mac is giving mortgage servicers expanded authority to provide six months of forbearance to unemployed mortgage holders without prior approval, and an additional six months (12 months total) with prior approval. This new policy essentially doubles the previously offered forbearance period.

It’s important to note:
1. This applies to Freddie Mac-owned or guaranteed loans only.
2. There is ACTION required. The homeowner must contact the servicer to request the forbearance.
3. Delinquent borrowers in an existing short-term forbearance plan can be evaluated for an extended forbearance term under the new policy. Again, homeowners will need to contact their servicer to apply.

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Bill Ivey, Certified Distressed Property Expert

Broker/Owner, Enterprise Companies

901/857-3888; bivey@enterpriserealtors.com

If you know anyone who is behind or about to be behind on

their mortgage and doesn't know what to do, please have

them call me immediately! I can help them avoid foreclosure.

Where is the Real Estate Market Headed in 2012?

Wed, 11 Jan 2012 10:58:02 GMT

Where is the Real Estate Market Headed in 2012?

On Thursday, Veros Real Estate Solutions released its VeroFORECAST real estate market forecast for the 12-month period ending Dec. 1, 2012.

Their findings indicate “the national housing recovery will continue to be gradual and slow without any significant changes in markets.”

Veros predicts up to four percent appreciation in the strongest markets, including Fargo and Bismark, North Dakota; the Washington, D.C. area; Honolulu, Hawaii; and Anchorage, Alaska.

Veros projects the five weakest markets—which include areas of California, Nevada and Florida—to depreciate five to six percent over the next year.

While this is welcome news for the country’s strongest markets, the reality is, 1 in 5 homeowners are underwater on their mortgage. For many of them, the recovery isn’t coming quickly enough. Housing prices remain 33% below 2006 levels, so even at four percent appreciation, millions of homeowners remain in serious peril.

Fixing Credit After A Short Sale Step 8: Checking Your Results

Wed, 29 Jun 2011 09:33:14 GMT

Fixing Credit After A Short Sale Step 8: Checking Your Results

Arlington TN – The next step in your credit repair process is a very important one. This is the time where you check the results of your efforts so far.

Get my Free, Step By Step Loan Modification Guide!

The credit bureaus have now sent you their results, including a new credit report and a letter telling you what has changed on the report based on your disputes.

Don’t just read what they sent and file it away! Make a copy of it, and have it ready to file.

Take out your file that has the original copy of your credit report and put it side by side with the new report. Take out your copy of the letter you originally sent to the bureau that laid out all the things you were disputing.

Go through and compare these disputes against their updated credit report.

Their summary might say that an item was investigated but was verified, and so it still shows on your credit report, and wasn’t removed. They won’t say more than, “item verified.”

This could discourage you, but what folks who’ve been down this road before you will tell you is that no one called the original information provider to verify the item – that they used that eOscar dataset to check it out.

If they “verified” something on your credit report which clearly isn’t yours:

Call the toll-free number at the top of the report
Tell them your report reference number and ask for “the method of verification per FCRA (Fair Credit Reporting Act) Section 611 (a) (7).
If they say they called the original creditor, ask them for the phone number of the original creditor.
Call the original creditor and ask for the records yourself.
If they say the records are not available, call the credit reporting agency back at their number from the results report and tell them that the original creditor has no records, and that they need to open another dispute – provide them with the name and number of the person you just talked to at the original creditor.

This sounds like a lot of hassle, but it’s worth the extra effort.

On the other hand – you might find in your new reporting from the credit bureaus that the disputed item was investigated and the listing was found to be inaccurate or unverifiable!

If this is the case, the negative listing will either be deleted from your report all together or it will go from being a negative to being a positive. This is great news for you!

Thinking about a loan modification?Our loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at bivey@EnterpriseRealtors.com to request a Free Copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at bivey@EnterpriseRealtors.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Bill Ivey specializes in loan modification assistance and short sales in Tennessee. (Arlington Loan Modification Help, Arlington Short Sales. Arlington Short Sale Realtor Arlington TN Short Sales. Arlington Realtor.)

Important Notice

Bill Ivey, Enterprise Realtors, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

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

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

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

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

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

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Fixing Credit After A Short Sale Step 8: Checking Your Results is provided as a courtesy to our viewers to help them make informed decisions.

Fixing Credit After A Arlington Short Sale Step 7: The Waiting Period

Tue, 28 Jun 2011 08:20:16 GMT

Fixing Credit After A Arlington Short Sale Step 7: The Waiting Period

Arlington TN – The next step in the process of getting a cleaned up credit report, is the one that takes the least effort, but the most patience: WAITING.

You’ve done your part to get the ball rolling, and now the credit reporting companies have to do their part.

What happens during this phase is that the credit reporting agencies have 30 days to investigate.

I use the term loosely here because the methodology that they use is not very investigatory. They take the claims and whittle the dispute down to a 2 digit code that gets checked against a reporting database called eOscar for verification.

They are afforded 30 days to do this step, unless the person disputing has gotten their credit report from annualcreditreport.com which allows them to take 45 days to check out your dispute (remember back in an earlier step where this was discussed – this isn’t the site to get your credit from!.)

While you wait, remember that whatever your credit score was before you began this process, you should be doing things now to improve it.

What I mean by this is that while waiting for the history part of your credit report to be cleaned up, you work on the future of the credit report. Take action now to build a better situation.

First, keep your report clean from this moment forward. Don’t tarnish it beginning now. Do not have a single late payment – pay your bills on time.

I know, it’s easier said than done, but it will be important in your future that you did this today. Don’t have any new collection accounts or charge offs.

Don’t, REALLY don’t, get new inquiries on your credit report – this means don’t open any new credit cards, store charge cards. No applying for everything that sounds like a good idea.

Don’t close any open credit cards. Pay off the credit card – yes, but close out the account – no. Keep this length of history long on your report.

And, just wait. The 30 days for the credit bureau investigation will fly by. Once their 30 days is up, they have 5 additional days to provide you with their findings.

If anything in their investigation was not verifiable, that item is required to be removed from your credit report. They will also send you an updated credit report.

So, watch for their letter to you in your mailbox after you complete the WAITING step.

Thinking about a loan modification?Our Arlington loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at bivey@EnterpriseRealtors.com to request a Free Copy.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Fixing Credit After A Short Sale Step 7: The Waiting Period is provided as a courtesy to our viewers to help them make informed decisions.

Fixing Credit After A Short Sale Step 6: Why It’s So Important To Document Everything

Mon, 27 Jun 2011 21:25:52 GMT

Fixing Credit After A Short Sale Step 6: Why It’s So Important To Document Everything

Arlington TN – I mentioned in the last note that you’ll need to keep a file of records about your credit restoration process. This is an important part of the process, and deserves a bit more than a brief mention.

The credit reporting companies have 30 days (by law), to investigate and handle the disputes submitted to them. This is why you submitted everything through certified mail.

That enables you to record the time firmly for the credit reporting firms to respond within. But it’s more than that. This file will become important for a long time for you.

Many people successfully removed items from their credit reports. Later on they found those same items show back up on their credit report months in the future! Having a record of your efforts and the results is needed to keep your record blemish free in the future.

Make your records easy to follow. You will need to keep the original copy of your credit reports here, as well as the copies you’ve made notes and comments on.

Keep copies of the letters you send to the credit reporting companies. Keep the Certified Mail slips. File any correspondence that the credit reporting companies send to you.

Keep a journal in your file of any telephone conversations you have with any of the creditors or credit reporting companies. Record in this journal the names, dates, times, and notes of these phone calls.

In addition, have a method to remind yourself of “action step dates” – those dates where you expect to have a certain action done by the credit reporting firms.

This can be a calendar you keep on the front of the file, or use Outlook’s calendar feature, or your calendar app on your phone.

This may seem like your credit report has become your new part time job, but with a little bit of organization and perseverance, it will be worth it!

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Fixing Credit After A Short Sale Step 6: Why It’s So Important To Document Everything is provided as a courtesy to our viewers to help them make informed decisions.

Fixing Credit After A Short Sale Step 5: How To Mail The Letter

Fri, 24 Jun 2011 12:46:37 GMT

Fixing Credit After A Short Sale Step 5: How To Mail The Letter

Arlington TN – Once your strongly worded credit report dispute letters are written to each of the three credit reporting companies, then it is time to get it into the hands of their dispute department.

The goal is to get your letter read, taken seriously, and responded to.

Get my Free, Step By Step Loan Modification Guide.

**Make sure you make a copy of whatever you are sending to the credit bureaus.** Just keep all your credit reports, letters, etc. in a file so you can use these later (this will be important.)

Send your letter, a copy of the credit report with the items you are disputing noted in Sharpie, and a copy of your driver’s license to each of the credit reporting companies.

This step CAN be a bit tricky, even though it should be the easiest step of all! Here’s why – the credit reporting firms don’t really like to deal with these dispute letters, and they change their mailing address for submitting these requests fairly often.

You will need to go to the website for Experian, Equifax, and Trans Union to get their dispute address.

BUT DO NOT SUBMIT YOUR DISPUTES ONLINE, like their websites pushes you to do. If you do this, your request is less likely to be taken seriously, and you won’t have any written record of what you submitted.

Send each of your letters as Certified Mail. Your local post office will help you with this.

Put the copy of the certification slip into your file as well. The certification slip ensures that you have a timeline started for restoring your credit.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Fixing Credit After A Short Sale Step 5: How To Mail The Letter is provided as a courtesy to our viewers to help them make informed decisions.

Fixing Credit After A Short Sale Step 4: Writing The Credit Bureaus

Fri, 24 Jun 2011 12:38:54 GMT

Fixing Credit After A Short Sale Step 4: Writing The Credit Bureaus

Arlington TN – Using your work on the credit report, you are ready to take action. You are now going to write a letter to the credit bureaus about the items you’ve highlighted and noted.

Get my Free, Step By Step Loan Modification Guide.

You are writing to the credit bureaus because they are the ones reporting the information – it is up to them to change what they report.

The goal is to get bad things deleted from your credit report in order to improve your score.

Do not go to Google, or bing and try to find a form letter than you should send in for this step! The credit reporting companies can spot those like a hunting dog can spot a duck.

You will not get anywhere with a “canned” letter, and will damage your chances of ever resolving issues.

Your letter should sound like you are frustrated (which you undoubtedly are), and should sound authentic. But, do sound polite and friendly.

Don’t sound like an expert, but do sound like you expect action. In this round of letters – your aim is to have the credit bureaus remove items that are hurting your credit score.

The bureau will then have to investigate your dispute and REMOVE any of the disputed items if they can’t prove them to be accurate (this involves them contacting the original creditor and verifying with them – all within the short 30 day window allowed by law).

Here is the basic outline to follow for your first round of letters you send:

At the TOP of the letter, put your name, SSN, current address (and state lived there for X years), and your DOB.

Say something about how you’ve just reviewed your credit report, and found items that are inaccurate.

List the items BRIEFLY. Say something like: “Chase Credit Card xxx-xxx-xxxx, listed for 30 days late. I have never been late on this account,” or “Citi Credit Card xxx xxxx xxx listed as collections. This is false.”

Note that you are upset / worried / distressed / embarrassed about these items, since you know they are negatively affecting your credit score.

Ask that these items be deleted from your report immediately.

Add Sincerely, and your name below. Sign the letter.

Include a photo copy of your driver’s license as proof that you are you making this request. Also include proof if you have it (credit card statement from the month where they say you were late when you weren’t.)

The next step is to submit this letter.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Fixing Credit After A Short Sale Step 4: Writing The Credit Bureaus is provided as a courtesy to our viewers to help them make informed decisions.

Fixing Credit After A Arlington Short Sale Step 3: Rank Items In Order Of Importance

Wed, 22 Jun 2011 13:45:32 GMT

Fixing Credit After A Arlington Short Sale Step 3: Rank Items In Order Of Importance

Arlington TN – The next step in going over your credit reports is to really rank the items being reported about you to find ones that are the most negative. Rank the negative items with the MOST negative ones given the lowest ranking.

You want to rank the ones that will cause the most damage to your credit score.

Here are the most damaging items (in order of damage amount): bankruptcy; foreclosure; repossession; loan default; court judgment; accounts in collections; payments that are past due; payments that are late; being denied credit; inquiries to open new credit.

One thing to note about disputing things on your credit report – items like court judgments and foreclosures and child support arrears are verified by a different system, and are rarely if ever disputable.

Here is one of the best suggestions that I have seen work well. Take a Sharpie pen, and mark on the unused copy of your report.

Circle the items you are disputing and write a SHORT note about why you are disputing that item – for example “Not my account” or “Not Late.”

I am not advising you to lie or make misleading statements when you write to the credit reporting company. However, I will tell you that if someone is reporting something about you, they should be able to prove that what they are saying is the truth.

The credit bureaus are required to check out and investigate all the disputes they get that are deemed to not be “frivolous or irrelevant.”

What that means is that you need to not dispute every single item on your report right now, and you need to be taken seriously.

This means DO NOT use the dispute form that they sent with your credit report. They see those forms as “frivolous” 9 out of 10 times.

DO NOT use their online dispute center – the credit bureaus don’t take those seriously because they think you can’t be too serious if you just click-click-clicked away to dispute it.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Fixing Credit After A Short Sale Step 3: Rank Items In Order Of Importance is provided as a courtesy to our viewers to help them make informed decisions.

Fixing Credit After A Short Sale Step 2: Analyzing Your Credit Report

Tue, 21 Jun 2011 09:55:47 GMT

Fixing Credit After A Short Sale Step 2: Analyzing Your Credit Report

Arlington TN – Once you have gotten your credit report, the next step in the process of restoring your credit score is to go over it with a critical eye. Analyze what the report says.

Put aside any emotion that looking at the report might stir up – you need to look at it objectively.

First, make two copies of your credit report. Save the original without any marks on it. You can make any notes you need on one of the copies, and put the other copy aside for a later step.

Your credit report will show all sorts of history on your credit accounts. Look for all the negative items on your credit report and highlight each one.

The credit reporting firms might not make it easy for you to know what they are considering negative with all the codes they use.

As a very general rule, Experian notes negative items with an asterisk or an inquiry; Equifax and TransUnion put “>>>” as a way to signal negative items or items that have a rating higher than l1, M1, or R1.

You can also look for these words: repossession, foreclosure, profit and loss write-off, charge-off, paid profit and loss write-off, paid charge off, settled, settled for less than full balance, included in bankruptcy, collection amounts.

Paid, unpaid (or anything indicating payment history); court accounts, liens, judgments, bankruptcy (chapters 11,7, or 13) divorce, satisfied liens, or satisfied judgments; or items that show more than 30, 60, or 90 day payments. All of these should get highlighted by you.

Once you’ve highlighted anything that is listed as negative, take out a pencil and put a note next to the items that are either inaccurate or inconsistent. Inaccurate items are the ones that aren’t yours, or show the wrong balance, etc.

An inconsistent reporting is where the same information on the report contradicts itself somewhere else. For example, showing one place that there are twelve 31-day-lates on an account, while also saying that the account was only reviewed for 4 months.

It is always surprising how often there are errors like that found on credit reports. Remember – there’s a whole lot of information being submitted each day to these companies, and mistakes can happen.

The next step will be important to take as soon as you finish highlighting your report. You will need to move quickly through these first few steps – your timing is all tracked and it’s important for you to be diligent so that your credit can be restored.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Fixing Credit After A Short Sale Step 2: Analyzing Your Credit Report is provided as a courtesy to our viewers to help them make informed decisions.

The First Step To Fixing Your Credit After A Short Sale

Tue, 21 Jun 2011 09:47:51 GMT

The First Step To Fixing Your Credit After A Short Sale

Arlington TN – One of the common reasons that people are concerned about a foreclosure or short sale in their history is because they are concerned about their credit score.

While it’s true that your credit score will be adversely affected by these items, it is also true that you can move past blemishes on a credit report.

You may want to consider doing some credit repair or credit restoration. It isn’t hard to do, and when taken step by step, it can be handled in an organized, manageable way.

The first step that you need to do is to get and review your credit report. I’m always amazed by the psychology of just this step.

Most people don’t want to pull their credit report because they “just feel” like it will be bad, and they don’t want to see it.

However, you won’t know where you are at or how to get onto the next phase of recovery until you figure out where you are at.

You have seen all the commercials, and can sing the jingles, for some of the places to get your credit report. There are pros and cons for any of the places you can get your credit report.

The two words of caution I offer here are:

1. You can get an annual free credit report (the one that the government requires the 3 credit reporting bureaus to provide) from annualcreditreport dot com.

However – if you choose this route – it is free, but it then bumps up the time that a creditor has to investigate any of your disputes from 30 to 45 days.

This isn’t a great option, in my opinion. You’ll understand why after you learn about the dispute process.

Also, be aware that this service doesn’t have to give you your 3 digit credit score – which you might want to know.

2. Most of the other services offer you a free 30 day trial period, and then you get “enrolled” in their credit monitoring program. If you aren’t one to keep track of the 30 day trial timeframe, you could end up sucked into paying for something that you wouldn’t normally want to spend monthly money on.

In the next article about your credit report restoration, I’ll talk about how to review your report, what to look for, and how to analyze it.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on The First Step To Fixing Your Credit After A Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

I Want To Buy Another Home Right After A Short Sale

Mon, 20 Jun 2011 13:52:13 GMT

I Want To Buy Another Home Right After A Short Sale

Arlington TN – The biggest advantage a short sale has over a foreclosure is that you can buy your next home much sooner.

Here was our answer to Dan’s Question.

Under current lending guidelines, you can buy another home in 3 years after a short sale. After a foreclosure you have to wait 5-7 years in most cases.

(FHA’s current guidelines state that you can get an FHA loan immediately after a short sale, provided that you never missed a payment. If you were in default at the time of the short sale, then you have to wait 3 years before they will approve your loan.)

But, what if did miss a payment and you want to buy another home sooner than that?

There are loopholes in the Fair Credit Reporting Act. Remember, the law was written to protect consumers. It wasn’t written to protect the lenders!

You can use the law to your advantage to get a short sale removed from your credit history. Then, you can fix any other negatives on your credit report.

After that, your credit should be good enough to qualify to buy another home.

Here is why you can have the short sale removed from your credit report. The Fair Credit Report Act requires lenders do certain things before reporting negative credit.

If you lender misses any of these steps, then they are not allowed to post that item to your credit report. Don’t kid yourself; the lenders make mistakes like this all the time.

They are more concerned with getting paid than making sure every credit report is done perfectly. A good lawyer that specializes in this can help you.

They will know the intricacies of the law and help you get the short sale removed from your credit so you can buy another home.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on I Want To Buy Another Home Right After A Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

Is My Hardship Legitimate For A Short Sale?

Mon, 20 Jun 2011 13:43:44 GMT

Is My Hardship Legitimate For A Short Sale?

Arlington TN – The Stop Foreclosure Institute recently received a question from Dan. Here was Dan’s Question.bivey@EnterpriseRealtors.com. I will contact you for a free consultation.

“I recently purchased another home and tried to sell my former home. It isn’t selling and I can’t afford to make both payments. The home won’t rent for even 1/2 of the mortgage payment.

An agent told me the house is worth about $50K under the mortgage amount. Is it realistic for me to try the short sale? The only hardship created was when I decided to move to a larger home for family. Dan.”

Here was our answer to Dan’s Question.

Dan, I think you can short sale your house. Do you have a legitimate hardship?

I know you said you needed a larger house. However, if you also moved for a job transfer, then most lenders would consider that a legitimate hardship.

A hardship is not black and white. Some lenders would consider your situation a hardship. More often than not they will approve the short sale.

Others would not and won’t work with you on a short sale. In addition, the lender may not work with you until you have missed a payment or two.

Whether or not you miss a payment is your decision. You should weigh your options and decide whether or not you can live with the resulting credit damage.

Many lenders will work with you on a short sale even before you have missed a payment. If you were working with us, then we would help you. But, we would have the expectation that it would be a 6-12 month process.

Make sure that you work with a competent short sale agent. Look for someone that is a short sale expert. Ask them how many short sales they have sold.

Ask them if they have worked with your lender in the past. Then you will be able to judge whether they are qualified to help you.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Short Sales: Is My Hardship Legitimate For A Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

How An Arlington Short Sale Helps Preserve Neighborhood Values

Wed, 15 Jun 2011 17:21:20 GMT

How An Arlington Short Sale Helps Preserve Neighborhood Values

Arlington TN – Yes, short sales actually help preserve home values in a neighborhood. Here is why.

Most people short sell their home while they are still living in the home. They are maintaining the home, mowing the yard, keeping the air conditioning on, etc.

Most bank owned properties are empty for 3-6 months, if not longer. No one maintains the home during that time period. Empty homes are easy targets for vandalism and thieves.

The grass and yard get overgrown. Pools deteriorate and the water turns green with algae.

In some Southern States, such as Florida, if a home is not air conditioned during the summer, then mold will grow on the walls inside.

In the Northern States, if a home is not heated during the winter, then pipes can ice up and break causing a lot of plumbing damage.

Even things as simple as sprinkler system can have problems when they aren’t used for 3-6 months. A sprinkler system contractor recently told us that if the system isn’t ran at least once a month, then it can have problems.

All these things added together cause bank owned homes to sell for much less than a short sale. That is why you should be proud that you are short selling your house.

You are doing a big part to help keep the housing market and your neighborhood. In addition, you are helping the entire economy because the housing market is such an important part of it.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Arlington Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Bill Ivey specializes in loan modification assistance and short sales in Arlington Tennessee. Arlington Loan Modification Help, Arlington Short Sales. Arlington Short Sale Realtor Arlington TN Short Sales. Arlington Realtor.

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on How An Arlington Short Sale Helps Preserve Neighborhood Values is provided as a courtesy to our viewers to help them make informed decisions.

Myth: The Foreclosure Process Goes So Fast That I Don’t Have Time To Short Sale

Tue, 14 Jun 2011 14:04:29 GMT

Myth: The Foreclosure Process Goes So Fast That I Don’t Have Time To Short Sale

Arlington TN – The Stop foreclosure Institute recently received a question from Susan about short sales. Here was Susan’s Question.

“My home is scheduled to be going on the courthouse steps in about 2 months. I had thought about short selling, but a friend told me I wouldn’t have enough time to do it.

Because of that I didn’t pursue a short sale earlier. Recently I decided to look into it further. It looks like a good option compared to foreclosure. My question is this.

Do I have enough time to short sale my house, or is the foreclosure already too far along? Please let me know. Sincerely, Susan.”

Here was our answer. Susan, we can still help you with a short sale. Most lenders will postpone a foreclosure when a short sale offer is in place. Yes, a short sale usually takes 2-6 months to process.

However, many lenders will postpone the sale while a short sale is in the works. In addition, some short sales go faster than the normal 2-6 months.

If your lender owns your loan, then the decision maker will be easy to reach. They can approve or deny the short sale in a matter of a week or two.

So, please let us help you. We have a good success rate even when the foreclosure process has already been started. As you well know, a short sale beats a foreclosure because you can buy another home much sooner.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Myth: The Foreclosure Process Goes So Fast That I Don’t Have Time To Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

My Ex Is Short Selling. What Can I Do?

Tue, 14 Jun 2011 12:21:15 GMT

My Ex Is Short Selling. What Can I Do?

Arlington TN – The Stop Foreclosure Institute recently received a question from Tom about short sales. Here was Tom’s Question.

“My Ex-wife decided to Short Sell our former house. Unfortunately we both signed the mortgage when we bought the house together. I think that means I am still liable for the debt.

She got the home after the divorce. The court gave her the home in the divorce. The market has declined and the house is worth about 120k less than the mortgage amount.

I have a good job and some assets. Will I have to pay back the bank for the money they lose. (My ex is selling because of financial problems.)

Also, someone said I might have to pay income taxes on the written off debt. Is that true? Please help me out here. Sincerely, Tom.”

Here was our answer. Tom, you probably should talk to a good lawyer. This is not the standard short sale. There might be tax laws that will allow you to not be liable for the tax liability on the written off debt.

In my opinion, the Tax Law allows you to write off most of the forgiven debt on a short sale. You have to short sell the house before the end of 2012 and have lived there for 2 of the last 5 years.

Your ex probably meets that criterion. I would think that since she lives in the house, then you wouldn’t be liable for the taxes. But, then again, I am not an accountant and don’t know how the law would affect such a unique situation.

Will you have a deficiency judgment? We can’t know for sure because there are so many variables involved. However, in about 80% to 90% of the time, you won’t have a deficiency.

That is because most lenders just forgive the debt. They have found it tough to collect the upside down debt. Most people are short selling because of financial problems.

They are struggling to avoid bankruptcy without a large deficiency judgment. When they see a $100,000 deficiency, then they will probably just declare bankruptcy. Then the lenders gets nothing anyway.

Check with a competent short sale Realtor in your area. They will be able to give you a good idea of whether or not you will have to pay the deficiency.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Short Sales: My Ex Is Short Selling. What Can I Do? is provided as a courtesy to our viewers to help them make informed decisions.

Three Ways The Big Banks Could Stabilize Housing Prices And Increase Their Profits At The Same Time

Mon, 13 Jun 2011 09:51:58 GMT

Three Ways The Big Banks Could Stabilize Housing Prices And Increase Their Profits At The Same Time

Arlington TN – Many Americans are concerned about the housing market. If the housing market continues to decline, then it could drag the entire economy with it. At least that’s what some economists are saying.

We want to be part of the solution, not part of the problem. So, we decided to propose a solution

Here Are 3 Ways The Big Banks Could Stabilize Housing Prices And Increase Their Profits At The Same Time.

#1: Approve more Loan Modifications. Every loan modification is one less home that has to be sold as a distress sale. Distress sales are dragging down home prices.

In addition, many loan mods are rejected, only to see the lender lose even more money when the home sells. Here is an example. A homeowners offers to pay their lender an amount equal to a $300,000 mortgage.

That means the homeowner would pay the same as someone borrowing $300,000 to buy a home. The lender rejects their loan mod offer and forecloses on the home. It sells for $200,000.

Don’t kid yourself, this happens every single day. The loan owners lose millions as a result.

#2: Make short sales easier. Yes, short sales do close. But, many don’t. The ones that don’t are usually sold for less money as a foreclosure. An extreme example is a home that received a $380,000 offer as a short sale.

The lender rejected the short sale. The home was foreclosed upon and sold for $230,000. The reason that lenders usually lose more money on foreclosure compared to short sales.

First, most foreclosures are usually left empty for several months. Mold, mildew, and other things make the home undesirable.

Second, most foreclosures are taking 18 months or more. That is a lot of time that a home can sit empty. In addition, interest, attorney fees, unpaid property taxes and other costs are growing each day.

#3: Handle foreclosures better. We have seen many foreclosed homes sit empty for months and months. In one extreme example, a foreclosed home has been sitting empty for over 2 years.

(The picture above is the front of that home.)

In that time period local housing prices have dropped by 20-30%. Interest and property taxes have accrued over those two years.

Here is how banks could do a better job handling foreclosures.

First, put all foreclosures on the market within a week. There are a lot of hungry, aggressive real estate agents that would love to market these properties.

Put them to work getting the homes sold for top dollar as quickly as possible. The typical 2-3 month wait it not acceptable, especially with all the hard working agents available.

Second, maintain the vacant homes. The home pictured above is wide open. The doors are not locked. Anyone can walk right in and vandalize the place.

I have seen profanities spray painted on the walls of vacant, bank owned homes. Think that affects the sale price?

These are just a few ideas. The next time you hear your local banker tell you how they “care”, ask them how their bank is handling the recommendations in this blog post.

To us, a banker telling us about how they supposedly “care” just rings of hypocrisy. And it will ring of hypocrisy as long as these problems continue to hurt homeowners, the housing market, and the American Economy.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Three Ways The Big Banks Could Stabilize Housing Prices And Increase Their Profits At The Same Time is provided as a courtesy to our viewers to help them make informed decisions.

Will My Lender Set The Price For My Home?

Fri, 10 Jun 2011 10:02:58 GMT

Will My Lender Set The Price For My Home?

Arlington TN – The Stop foreclosure Institute recently received a question from Steve about short sales. Here was Steve’s Question.

“I am interested in a short sale. I just have a few questions about how the process works. Does my lender set the price for the property. And, will that price include the realtor fee? Sincerely, Steve.”

Here was our answer. Steve, in most cases the lender will not set the asking price for your home. In most cases, the lender does not get involved until after we have an offer from a buyer.

The only exception is if you have an FHA loan. FHA’s short sale guidelines stipulate that an appraisal be done after the home is put on the market. They required the asking price be changed to the appraised value.

As far as your second question, does that price include the realtor fee? FHA Short Sale Guidelines require the lender to pay your realtor a commission. You don’t have to pay it.

On other short sales, the lender usually pays the realtor’s fee. They know that they will have to pay a realtor when they sell a home after foreclosure. Why not avoid the foreclosure and sell the home now?

That is the logic behind why they pay the realtor’s commission on a short sale.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

I will contact you for a free consultation.Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at bivey@EnterpriseRealtors.com.

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Short Sales: Will My Lender Set The Price For My Home? is provided as a courtesy to our viewers to help them make informed decisions.

Questions Buyers Should Ask The Agent Listing A Short Sale

Fri, 10 Jun 2011 09:24:26 GMT

Questions Buyers Should Ask The Agent Listing A Short Sale

Arlington TN – Are you looking to buy a short sale? Before you make an offer, you need to check and see how competent the listing agent is at short sales.

The listing agent is the agent with the property for sale. They will usually be in charge of processing the short sale with the lender.

If the listing agent is a genuine short sale expert and knows what they are doing, then you have a very good chance of the short sale being approved and buying the home. I’ll show you how to separate the experts from the pretenders in this post.

If the agent is not a genuine short sale expert, then you are probably wasting your time. You should go find another home to buy.

First, ask them how many short sales they have successfully sold. If they have only sold 2-3 short sales, then the odds are not in your favor. You risk wasting months of time waiting for an answer on the short sale.

Next, ask them how many loans are on the property. If there is only 1 loan, then you know two things. First, they know what they are doing. Second, this is relatively simple short sale.

If there are two loans, then the property is still worth considering. However, if there are 3 or more loans, then you might want to look at another home. Short sales with 3 or more loans are very difficult.

The first mortgage won’t give enough money to the second and third position mortgages. The second and third position mortgages won’t release their lien without more money. At the end, everyone loses (that is another story for another day.)

Lastly, ask who the lenders are. If the lenders are Bank of America, or another notoriously bad lender at short sales, then you might want to avoid the property. However, a competent short sale agent can handle a Bank of America short sale with ease.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Questions Buyers Should Ask The Agent Listing A Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

How Long Do I Have To Wait After A Arlington Short Sale To Buy Another Home?

Thu, 09 Jun 2011 11:35:52 GMT

How Long Do I Have To Wait After A Arlington Short Sale To Buy Another Home?

Arlington TN – The Stop Foreclosure Institute gets asked this question quite a bit. The answer depends on the type of loan you are looking to use to purchase your next home.

Here are the details on your options to buy another home after a short sale.

Owner Financing. You can buy a home with owner financing anytime after a short sale.

FHA Financing. (FHA is very popular because it only requires you to put down 3.5% and pay your closing costs. You can usually convince the seller to pay your closing costs, thereby reducing your down payment to 3.5% of the purchase price.)

FHA’s current guidelines state that you can get an FHA loan immediately after a short sale, provided that you never missed a payment. If you were in default at the time of the short sale, then you have to wait 3 years before they will approve your loan.

Fannie Mae Loan. Fannie Mae is the most common loan program. You can get a Fannie Mae Loan in as little as 2 years after a short sale. But, you have to put 20% down.

If you wait 4 years, then you have to put a minimum of 10% down. After 7 years, you can get a Fannie Mae Loan and put less than 10% down.

The most attractive (and currently most popular) loan program in America is FHA. The reason is because it’s down payment requirements are much lower than anyone else. It looks like the best option to buy your next home after a short sale.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this, Bill Ivey.

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on How Long Do I Have To Wait After A Short Sale To Buy Another Home? is provided as a courtesy to our viewers to help them make informed decisions.

Why Is Everyone So Negative About The Housing Market?

Tue, 07 Jun 2011 11:43:08 GMT

Why Is Everyone So Negative About The Housing Market?

Arlington TN – The tax credit expired and everyone turned negative on the housing marketing.

One so called expert said we could see headlines about the real estate market crashing again. Another said that the housing market is going to continue it’s decline for another years or two.

He referenced an article that showed that mortgage applications dropped by 9.5 percent the first week after the tax credit expired.

I don’t want to apply for the job of “Amateur Economist.” Here are a few examples I found of actual economists getting their predictions wrong.

1. An economist published a book in 1987 that predicted a depression in the 1990s. That proved just a little inaccurate, no?

2. Supposedly in 1996, Alan Greenspan, stated he thought there was too much irrational exuberance in the US stock market. The stock market continued to climb for another 4 years.

However, Greenspan was bullish on the last economic expansion that went best. How wrong was he on the last housing / economic bust?

Who really knows what is going to happen in the housing market. I do know that despite all the crazy predictions, the housing market will eventually recover. It might take another 1-3 years to flush out all the foreclosures and “shadow inventory.”

But, after that happens the housing market will stabilize and start a slow appreciation. It might take 8-12 years for prices to return to the previous high. Maybe even longer. But, they will turn around eventually.

What does that mean to the person in an upside down house? They have a great opportunity to short sale their home and buy at the bottom.

They can erase 8-12 years of negative equity and start building equity when they qualify to buy another home 3 years after their short sale. If you are upside down by 20% or more, a short sale makes great financial sense.

Thinking about a loan modification? Our loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at bivey@EnterpriseRealtors.com to request a Free Copy.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Bill Ivey specializes in loan modification assistance and short sales in Tennessee.( Arlington Loan Modification Help, Arlington Short Sales. Arlington Short Sale Realtor Arlington TN Short Sales. Arlington Realtor.)

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Short Sales: Why Is Everyone So Negative About The Housing Market? is provided as a courtesy to our viewers to help them make informed decisions.

How Do You Handle Multiple Offers?

Thu, 02 Jun 2011 10:24:28 GMT

How Do You Handle Multiple Offers?

Arlington TN – The Stop Foreclosure Institute recently received a question from another agent. Here was her question.

“I have a short sale listed. At what time in the short sale process do you stop accepting additional offers for submittal to the lender? If you accept another offer after you’ve already submitted one to the lender, does it reset your timeline to the beginning?

Do you just put them in backup position? What about the poor buyer whose offer was submitted and has already been waiting for weeks for lender approval?

Do you allow them to match the higher offer? You guys have so much experience, how do you handle this? Thanks! Diane.”

<strong>Here was our answer.It all depends. We like to stay with the original offer if possible. But, we don’t always do that. It all depends on what the seller wants to do.

If the bank is asking for a deficiency or promissory note, then the seller may want to submit the higher backup offers. We run this for the sellers and not the buyers benefit. We feel that it is our job is to represent the seller.

If the short sale lender does not like the first offer, then we will submit the next offer. But, if they accept the first offer, then we recommend that the seller go with that one to honor the first buyer.

That buyer has waited the longest and deserves to be rewarded for their patience.
<strong>Thinking about a short sale?</strong> I can help you short sale your property so you can move on with your life. Send me an e-mail at mailto:bivey@EnterpriseRealtors.com will contact you for a free consultation.“ I

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!

Bill Ivey
Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888.

Solving The Foreclosure Crisis One Home At A Time

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

Bill Ivey specializes in loan modification assistance and short sales in Tennessee. (Arlington Loan Modification Help, Arlington Short Sales. Arlington Short Sale Realtor Arlington TN Short Sales. Arlington Realtor.)

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

Bill Ivey, Enterprise Realtors, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

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

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

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

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

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

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Short Sales: How Do You Handle Multiple Offers? is provided as a courtesy to our viewers to help them make informed decisions.

Short Sale Myth: Short Sales Are Difficult And Banks Never Approve Them

Wed, 01 Jun 2011 09:52:06 GMT

Short Sale Myth: Short Sales Are Difficult And Banks Never Approve Them

Arlington TN – The Stop Foreclosure Institute recently talked to a homeowner whose home had been sold on the courthouse steps.

We asked if she had considered selling the home as a short sale. “I did, but I heard that short sales are difficult and not worth trying. My friend told me that the banks never approve them”, she told us.

After we got off of the phone, we reviewed what she had lost. She lost the opportunity to protect her credit and to be able to buy a home 3 years after the short sale sold.

Now she will have greater credit damage and will have to wait 5-7 years to buy another home. Ouch! All of this could have been avoided if she had known the truth about short sales.

Yes, short sales are approved by banks. Bank CEOs and the people who invest in mortgages prefer them over a foreclosure. Why?

Because the average short sale reduces the lender’s loss by 20-40% compared to a foreclosure. They want to reduce their losses as much as possible.

The banks are just having a hard time handling the huge increase of short sales caused by the housing crisis. But, don’t kid yourself. They wouldn’t be approving any short sales unless there was a big benefit to them financially.

They have analyzed the market and see short sales as a viable way to reduce their losses as much as possible.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Short Sale Myth: Short Sales Are Difficult And Banks Never Approve Them is provided as a courtesy to our viewers to help them make informed decisions.

How To Send A Fax To Everyone In Congress

Sat, 28 May 2011 10:00:54 GMT

How To Send A Fax To Everyone In Congress

Arlington TN – Bank of America is consistently the worst short sale lender we have dealt with. A lot of people sent me e-mails such as the following:

“You need to stop complaining. If you think having to re-open a file is bad, imagine working on a file for 8 months.”

They have the resources available to make the changes. Bank of America, Wells Fargo, JP Morgan Chase, and Citigroup all issued stock to pay off their bailout.

Paying off the bailout cost all of these banks their fourth quarter, 2009 profit. In addition, they diluted their stock by issuing more shares, which as any person knows drives the share price down.

We can get them to improve their process and response times on loan modifications and short sales. It will take a lot of pressure and lobbying. So, help us out here.

Call me to get all the fax numbers for congress. Frustrated about your loan mod? Aggravated with your short sale? Send everyone in congress a fax about it.

Thinking about a loan modification?Our loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at bivey@EnterpriseRealtors.com to request a Free Copy.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Short Sale: How To Send A Fax To Everyone In Congress is provided as a courtesy to our viewers to help them make informed decisions.

Sick Of Your Loan Mod Taking Forever? Why Not Contact Congress?

Thu, 26 May 2011 18:44:34 GMT

Sick Of Your Loan Mod Taking Forever? Why Not Contact Congress?

Arlington TN – We recently sent everyone in Congress a fax about a certain large bank. They had done a lousy job on a short sale file. We waited 90 days for an answer on an offer.

The buyer got impatient and walked. Fortunately we had a backup buyer. Instead of using the BPO that Freddie Mac paid for and reviewing the new offer, the negotiator closed the file.

Freddie Mac, the owner of the loan, stands to lose $75 spent on the BPO and 90 days worth of interest. We estimate Freddie’s loss over the delay to be around $1,249.

Rather than just sit here and take abuse, we decided to stand up for ourselves. We found the entire list of fax numbers for Congress, typed up a fax, and sent it out.

If you loan mod is taking too long, then fax everyone in congress. Most many loans are federally insured or guaranteed. Examples are loans owned by Fannie Mae or Freddie Mac or insured by FHA, VA, and USDA.

Uncle Sam is the backstop for a huge percentage of American Home Loans. That leaves these banks and servicers open to huge liability.

If they mess up on a federally owned or insured mortgage, they are causing Uncle Sam to lose money. Send a fax and contact your congressperson and/or senators and let them know what is happening.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

Bill Ivey, Enterprise Realtors, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Short Sales: Sick Of Your Loan Mod Taking Forever? Why Not Contact Congress? is provided as a courtesy to our viewers to help them make informed decisions.

My Lender Is Charging The Buyer A Fee To Buy My House…Can They Do That?

Thu, 26 May 2011 18:31:53 GMT

My Lender Is Charging The Buyer A Fee To Buy My House…Can They Do That?

Arlington TN – The Stop Foreclosure Institute recently received a question from Brandon. Brandon is selling his house and something very interesting happened.

Brandon’s Question: “My loan is with American Home Mortgage (AHMSI for short.) They are charging a 1% short sale processing fee to the buyer. Is that legal? The buyer is upset. They have stipulated that ONLY the buyer can pay the fee. This was never revealed until the short sale approval letter arrived. Brandon.”

Our comments on this. Yes, the buyer is upset. Buyers think they are in control in today’s market. They can’t see why they should pay a fee if they are buying a house in a “Buyer’s Market.”

Is it legal? We did a short sale with AHMSI and they said their lawyers had checked it out and confirmed that it is legal. So, it probably is.

We checked with Brandon and found out a little more information. Turns out the loan is owned by Deutsche Bank. We convinced AHMSI to waive the fee on that short sale.

We threatened to contact Deutsche Bank and let them know what was happening. Sure, it’s wrong. But, do you know why AHMSI can get away with it?

It’s because the people who own the mortgages don’t know about the fee. When you threaten to contact the loan owner, then that changes everything.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (901) 857-3888

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

Thanks for reading this!
Bill Ivey

Bill is a Real Estate Broker at Enterprise Realtors, Short Sales Realtor:

Phone: (901) 857-3888. bivey@EnterpriseRealtors.com.

Solving The Foreclosure Crisis One Home At A Time

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

Important Notice

The views expressed here are Bill Ivey’s personal views and do not reflect the views of Enterprise Realtors.

This information on Short Sales: My Lender Is Charging The Buyer A Fee To Buy My House is provided as a courtesy to our viewers to help them make informed decisions.