All Forum Posts by: Rob Jacobs

Don't ignore them, just play along with them for now to keep them from canceling your hardship request. Just drag your feet on everything up to their deadlines as much as you can until your house is sold. 

In this market, your house should sell in a week as long as you have an experienced agent. The bank will require it to be listed on the MLS anyway. A good agent will know how to get top dollar fast.

Banks are required to offer you all options that are possible and in your case, it's a short sale. If you're only 30 days behind, you have a few moths before an auction will take place. As long as you close on your house before the foreclosure sale date, you're fine. If you get to within 60 days of the foreclosure, you need to move to a short sale immediately. Banks often require you to have a full set of documents including an accepted offer in their files and the short sale case oened 37 days prior to the auction date. 

The bank will usually payoff the IRS lien out of the short sale proceeds if you go that route. It's not a guarantee and you'll need to go through the process first. I've closed over 50 in this situation and the IRS was paid on all of them. 

The other problem is, why would the estate go through this process when they get nothing at the end. Goof luck!

Your statement is concerning. If you are wholesaling, a short sale is not possible. The point of doing a wholesale deal is to find a home with a lot of equity so that you can flip it to an end buyer and a short sale means that there is no equity at all. If you have a house under contract that you're trying to wholesale and it goes into foreclosure, you could be held liable for the foreclosure. I would tread carefully on this deal.

Hit me up if you would like to talk. Too much going on with your deal for a chat reply.

When wholesaling a property, it needs to have equity. A short sale by definition is a property that does not have equity and cannot close escrow making wholesaling impossible. If you have a recent statement from the seller's bank, you'll know from that if the home is negative in equity. If it's close, order a payoff to be certain.

95% of the banks require the home to be listed on the open market with a real estate agent too but, you can get an agent to list the property and have your offer ready to begin negotiations with the seller's bank.

Short sales typically take 2-3 months if you have an experienced short sale agent or negotiator working the case. If you're doing this on your own having never done a short sale, it can take much longer. 

 Regarding the ex-husband's issues. If the divorce decree states that the debt is entirely his alone and the house is entirely hers, there is a chance that you can do a quit claim deed removing the ex husband from the deed. 

Run this by your title attorney or title company to make sure that this would remove the lkien before doing the work though.

Hey Sean. If the loan is a GSE of HUD backed, the bank will pay 10% of the junior lien and the lien holder would be required to accept it with a full debt release. Most of the time the junior linens understand this and play ball but, there is no guarantee. You just have to try.

If you pay off the 2nd lien, there is no chance that you'll get it back from the first lien out of the proceeds since the lien will be removed and the 1st lien holder will know that. 

If you pay off the 2nd, you do have the option where you can put a new lien on the home after it closes as a 2nd lien for the new homeowner as long as it applies and you have proper paperwork backing up your request for a lien.

If you prequalify the seller properly, you'll get it approved. PLus, you have to know what you're doing. Short sales are rife with issues and if you have not done many, you will have problems. I've closed over 3200 with a 99% closing rate and the reason for my success is that I only take on clients who qualify and show me that they are 100% on board and in it to win it. if the seller is lazy, half-hearted, and doesn't care, it's a waste of my time and theirs. 

Yes, It's coming and it's nothing to do with Residential housing, it's entirely outside influences of other markets. For instance, subprime mortgages were fixed but, the banks in all of their brilliance decided to offer subprime in Auto, Commercial real estate, Business loans and other markets. The 3 above are all in bad shape and ready to collapse. 

In addition, the Fed wants to raise unemployment to around 5%. How does the fed stop it at that target number? Easy answer, they can't control it and it it stops at 5%, it's a miracle.

Corporate losses are staggering and companies are trying to hold back from laying people off but, as stocks decline, investors will demand something to be done and eventually layoffs will happen. Once people burn through their savings, it's off the auction block and that's where it begins.

I'll be posting  BLOG with data to back up everything stated here but, I don't have the time right now so, I'll drop a link once it's done.