Friday, February 6, 2009
What is a short sale?
A "Short Sale" or "negotiated settlement" or "short pay" is when a Lender agrees to accept less than the amount owed to pay off a loan as an alternative to foreclosure. If the property is valued at less than the amount owed on the property, the Lender will take a loss on the property, even if they foreclose on it, thus Lenders are more willing to work with us to miti-gate their losses quickly to reduce their potential loss.
How long will it take?
The Short Sale negotiation process can take as few as 10 days to as many as 3 or more months. It depends on how many files in the Loss Mitigation Dept. and how willing the Lender is to negotiate a settlement amount. It also depends on the number of loans and or liens on the property.
Can I stay in the house?
No, the key word is "SALE". The purpose of a Short Sale is to sell the property, usually to a third party. So you will have to move. This is not a process to stop the foreclosure and let you remain in the property indefinitely.
How soon should I look for another place to live?
You should probably begin looking for alternative housing immediately. Whether you move in with family or look for an apartment, it may take a while to find a location that matches your family needs. You will have to move whether we negoti-ate a successful Short Sale or if the property goes to Foreclosure Auction. Be prepared!
Will I get money from the sale of my property?
No. A universal requirement of Lenders granting a Short Sale is that the borrower will not get any proceeds from the sale of the property. The Lender is taking a loss on your loan - they are not going to let you get any money.
How do I know this will work?
There are no guarantees. We do not make a promise that we can reach a settlement with the Lender on your behalf. Once you missed the payment, the Lender is in charge and can proceed to foreclosure if they choose. Lenders often choose to work on a Short Sale instead of having to foreclose and possibly take ownership of a vacant house, as both are costly.
What happens if it doesn't work?
Your property will go to foreclosure and an auction will be held. If the Lender's price is not matched, then they take back the property as an REO (Real Estate Owned).
What do I say to friends and family when they see the auction of my property posted?
You can tell them that you are trying to sell your house because you fell upon bad times. This is the only way to save your credit and move forward with your life. Tell them you are working to help you negotiate the sale of your house. REMEMBER- Bad things happen to good people!!
Hold your head high and be proud that you had the courage to try and save your credit and face your situation head on. Not everyone can and will do that.
Will I have to pay off the remaining balance of my loan?
You may try to negotiate with the Lenders so that they do not file a deficiency judgment against you. No guarantee that the Lender(s) will not file a deficiency. You may receive a 1099 form. If you do, consult with a tax specialist or CPA. There is an act President Bush signed called Mortgage Forgiveness Debt Relief Act of 2007, The bill gives a tax break to homeowners who have mortgage debt forgiven as part of a foreclosure or renegotiation of a loan. No taxes would be owed on the value of any debt forgiven or written off.
Will the short sale affect my credit?
If successful in negotiating a settlement and no deficiency judgment is made, then your credit will easily be re-established. Continuing to pay your bills on time will help to improve your credit and you will soon be back on your feet and if you choose, can or may buy another property in the near future.
Working hard to help distressed homeowners is not easy but if done right will provide an easier transition to move forward. Do not accept anyone other than a professional who knows about short sales to assist you in selling and negotiating your home.
Your life depends on it! Don't go it Alone!
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to announce the offering of….
Special Financing for All
Police and Fire Department
30-year Fixed Rate loans
Contact Lawrence “Larry” Sarlo
5070 Rt 42
Turnersville, NJ 08012
Monday, February 2, 2009
Are you Emergency Prepared?
If an emergency happens such as ice, snow, earthquake, Power outage, Terrorist attack will you and your family be ok to hold up for 3 days? 5 days? 2 weeks? 1 month? So just how far ahead should we prepare for?
The fact is most of us are so complacent in our daily lives no thought is given to these circumstances until it's too late. We all think we'll have this big sign or alert that a catastrophe is coming. We run to the grocery store and we have our rations! But we won't! No warnings. No grocery stores open. A disruptive force or happening would cripple us in almost every way. No gasoline. No extra food, water, or first aid. There is even talk about a great depression again. Do you think things are that different today then 60 years ago? Sure Hurricanes give us some warnings of evacuation. Tornadoes are even evident. But Earthquakes, Volcanoes, Chemical Spills, War, Terroristic Attacks, Power Outage and Ice Storms, Global Warming and more don't give much warning, if any at all.
There are six basics you should stock in your home:
- First Aid Supplies
- Clothing Bedding and Sanitation Supplies
- Special Items
How Much Water do I Need?You should have at least a three-day supply of water and you should store at least one gallon of water per person per day. A normally active person needs at least one-half gallon of water daily just for drinking.
Additionally, in determining adequate quantities, take the following into account:
- Individual needs vary, depending on age, physical condition, activity, diet, and climate.
- Children, nursing mothers, and ill people need more water.
- Very hot temperatures can double the amount of water needed.
- A medical emergency might require additional water.
Store at least a three-day supply of non-perishable food. Select foods that require no refrigeration, preparation or cooking and little or no water. If you must heat food, pack a can of sterno. Select food items that are compact and lightweight. Avoid foods that will make you thirsty. Choose salt-free crackers, whole grain cereals, and canned foods with high liquid content.*Include a selection of the following foods in your Disaster Supplies Kit:Note: Be sure to include a manual can opener.
- Ready-to-eat canned meats, fruits and vegetables
- Canned juices, milk, soup (if powdered, store extra water)
- Staples--sugar, salt, pepper
- Foods for infants, elderly persons or persons with special dietary needs
- Comfort/stress foods--cookies, hard candy, sweetened cereals, lollipops, instant coffee, tea bags
Assemble a first aid kit for your home and one for each car. A first aid kit* should include:
- Sterile adhesive bandages in assorted sizes
- 2-inch sterile gauze pads (4-6)
- 4-inch sterile gauze pads (4-6)
- Hypoallergenic adhesive tape
- Triangular bandages (3)
- 2-inch sterile roller bandages (3 rolls)
- 3-inch sterile roller bandages (3 rolls)
- Moistened towelettes
- Tongue blades (2)
- Tube of petroleum jelly or other lubricant
- Assorted sizes of safety pins
- Cleansing agent/soap
- Latex gloves (2 pair) Sunscreen
- Aspirin or nonaspirin pain reliever
- Anti-diarrhea medication
- Antacid (for stomach upset)
- Syrup of Ipecac (use to induce vomiting if advised by the Poison Control Center)
- Activated charcoal (use if advised by the Poison Control Center)
If you live in a cold climate, you must think about warmth. It is possible that you will not have heat.*Include at least one complete change of clothing and footwear per person.
- Jacket or coat
- Long pants
- Long sleeve shirt
- Sturdy shoes or work boots
- Hat, gloves and scarf
- Rain gear
- Thermal underwear
- Blankets or sleeping bags
- Toilet paper
- Soap, liquid detergent
- Feminine supplies
- Personal hygiene items
- Plastic garbage bags, ties (for personal sanitation uses)
- Plastic bucket with tight lid
- Household chlorine bleach
Mess kits, or paper cups, plates and plastic utensilsPortable, battery-operated radio or television and extra batteries
- Flashlight and extra batteries
- Cash or traveler's checks, change
- Nonelectric can opener, utility knife
- Fire extinguisher: small canister, ABC type
- Tube tent
- Matches in a waterproof container
- Aluminum foil
- Plastic storage containers
- Signal flare
- Paper, pencil
- Needles, thread
- Medicine dropper
- Shut-off wrench, to turn off household gas and water
- Plastic sheeting
- Map of the area (for locating shelters)
- Powdered milk
- Heart and high blood pressure medication
- Prescription drugs
- Denture needs
- Contact lenses and supplies
- Extra eye glasses
- Hearing aid batteries
- Keep these records in a waterproof, portable container.
- Will, insurance policies, contracts, deeds, stocks and bonds
- Photo IDs, passports, social security cards, immunization records
- Bank account numbers
- Credit card account numbers and companies
- Inventory of valuable household goods, important telephone numbers
- Family records (birth, marriage, death certificates)
- Photocopies of credit and identification cards
- Cash and coins.
- Your disaster supplies kit should contain essential food, water, and supplies for at least three days.
- Keep this kit in a designated place and have it ready in case you have to leave your home quickly. Make sure all family members know where the kit is kept.
- Additionally, you may want to consider having supplies for sheltering for up to two weeks.
- This kit should be in one container, and ready to "grab and go" in case you are evacuated from your workplace.
- Make sure you have food and water in the kit. Also, be sure to have comfortable walking shoes at your workplace in case an evacuation requires walking long distances.
- In case you are stranded, keep a kit of emergency supplies in your car.
- This kit should contain food, water, first aid supplies, flares, jumper cables, and seasonal supplies.
Did you know there is a radio that broadcasts National Weather Service warnings and watches 24 hours a day - and warns you with an alarm of dangerous weather? It's true. It's called the NOAA Weather Radio network, and it's provided as a public service by the Department of Commerce's National Oceanic and Atmospheric Administration.The NOAA Weather Radio network has more than 480 stations in the 50 states and in Puerto Rico, the U.S. Virgin Islands and U.S. Pacific Territories.The most important fact is if you don;t prepare you may wish you did, fi not for you but your family. When you do prepare, you'll wish you were more prepared. Something is better than nothing. Do as much as you can and protect you and your family.
It almost sounds impossible. It'll never happen to me... But it is just a matter of when. I recently have made preparations. It took me about 2 hours to put together. I feel much better that I have a plan, that my family has a plan.
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Appeal Today Save hundreds or thousands Each Year After
It's Easy When you know How!During uncertain economic times such as what were are experiencing now, the effort of appealing a property tax bill may prove well worth the time and effort involved.
Most people are intimidated to "fight city hall" but the fact is it's easier than you may think with proper information. Yes you can hire an attorney, the cost is around $1000 and more and even they will hire an appraiser to do most of the work anyway. There are companies that do it for a percentage of your savings... So if you save $1200 you pay them $600 depending on the agreed terms. You can hire an appraiser, but in most states if you hire an appraiser you also have to have them come to your hearing... So that process is about $600-$900. OR you can do it yourself in about 2 hours. Some realtors charge a small fee to compile comparables and others don't. The hearing is a very informal... You really want to try and discuss your case of tax reduction with the assessor at his office first. But usually that will be like beating a dead horse, but armed with organized data you could influence a change. Don't be fooled by the nice person behind the counter in your local office or the tax assessor. They are not personally attacking you, their job is to not destroy the tax base. While the majority of us are not appealing property taxes, the assessor's job is made easier by you just allowing them to charge you year after year the same amount. It's up to you to prove your home's value. Oh and when was the last time your property taxes were reduced? I have successfully fought my taxes on my properties for over 20 years and I now use an organizational system that makes it easier than I could ever imagine.No Matter What State You Live in there is an Opportunity To Lower Your Taxes Now, But Your Window is Closing. About 2 hours of work could save you Thousands of Dollars, year after year after year. You will receive your tax break every year after, meanwhile your neighbors will be still paying higher tax bills... Reduce your taxes. Take advantage of economic times, otherwise while your property values decrease you will still be paying more in property taxes. Doesn't seem right does it?Time to Appeal Your Property TaxTime is limited You Must Prepare Now!As the price of homes has skyrocketed in the USA, so have the property taxes. Now the price of homes are decreasing, your assessment is way over valued and not appealing your property tax now can cost you thousands of dollars...It was estimated by the National TaxPayers Union, that 60% of all property owners are over paying on their real estate taxes. You could be leaving tens of thousands of dollars on the table, year after year. Yet only 2% of property owners bother to appeal...
Reducing property taxes is immediate and very rewarding to an owners bottom line and ironically increases your property's value. Once you establish your new tax assessment, the savings is ongoing year after year. And in economic times as we have today the savings is significant and is well worth your time to fight for a reduction in your property taxes .If you want to fight your taxes and fight them right, here is a link (Organize and fight for a reduction in your property taxes) that will get you organized and ready to win. With help from your local realtor and a little time you can save hundreds maybe thousands year after year. Don't put this off! Start today and save tomorrow...Here is a link of most tax assessor's offices nationwide to start your search Nationwide Tax Assessor SearchDuring uncertain economic times such as what were are experiencing now, the effort of appealing a property tax bill may prove well worth the time and effort involved.The Appeal Process in simple form:
If you need help try this...Click here for help Appealing Your Property Tax This will help you organize and process your application to reduce your property taxes the right way, the first time! It's a low cost $39.00 Ebook but it will definitely help and definitely worth every penny.. I use the same materials...
- You must present proof of the value that your home is less than what you assessor has indicated on your property tax card.
- In order to do this you should have current real estate listings and current real estate sales. 3 each is a good number...
- You must present proof of the value that your home is less than what you assessor has indicated on your property tax card.
- Ultimately if you have all your ducks in line and your rehearsed speech your assessor will comply and take off hundreds and even thousands of tax dollars off your home property tax. It's really that simple! If he does not agee then you apply to the county for a reduction and you appear before a the county assessors