How to Use a Short Sale to Stop Home Foreclosure and Protect Your Finances
Don’t lose your ho me to\ foreclosure! Do a short sale!\ Robert Irwin, one of America’s most trusted real estate experts, provides\ the tools you need to avoid foreclosure—and protect your credit, your\ wealth, and your peace of mind.\ How to Use a Short Sale to Stop Home Foreclosure and Protect\ Your Finances removes the complications and stress often associated\ with short selling a property. Using real-life success stories, Irwin explains\ how a short sale works and walks you through the...
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Don’t lose your ho me toforeclosure! Do a short sale!Robert Irwin, one of America’s most trusted real estate experts, providesthe tools you need to avoid foreclosure—and protect your credit, yourwealth, and your peace of mind.How to Use a Short Sale to Stop Home Foreclosure and ProtectYour Finances removes the complications and stress often associatedwith short selling a property. Using real-life success stories, Irwin explainshow a short sale works and walks you through the process step by step.You’ll learn how to: Convince lenders to engage in a short sale Deal with a loss mitigation committee Get a loan modification Find an agent Manage issues with the IRS Beat the deadlines that can doom a short saleIt contains all the paperwork you’ll need to execute a short sale, along withlistings of helpful outside resources.How to Use a Short Sale to Stop Home Foreclosure and ProtectYour Finances provides everything you need to get out from under—without spending a dime of your own money.
Preface viiChapter 1 How a Short Sale Works 1What is a Short Sale? 1Who Needs a Short Sale? 3What a Short Sale Can Do for a Seller 3How a Short Sale Works 3Seven Steps to a Short Sale 21Chapter 2 How a Short Sale Can Help You 22A Successful Short Sale Story 24What About Just Walking Away? 26How Short Sales Are Done 27How to Get Holders of Junior Mortgages (and Other Lien Holders) to Release 32Deficiency Judgment 33The Short Sale as a Solution 37Chapter 3 Will a Short Sale Work for You? 39How Do I Handle Expenses in a Short Sale? 43The Money Comes from the New Buyer and His or Her New Mortgage, but Ultimately from the Foreclosing Lender 46How the Lender Sees It 47When You Have More Than One Mortgage 48It's Not How Much You Owe; It's How Much the Lender Will Forgive 49Chapter 4 How Do I Find a Good Short Sale Agent? 51When Should I Sell It Myself and Save on Paying the Commission? 52When Lenders Were the Problem 53When Agents Became the Problem 54Who's to Blame? 55How Do You Select a Good Short Sale Agent? 56When You Don't Get a Good Agent 58The Basics to Look For in an Agent 61Should I Go with a Chain or an Independent Office? 65Will the Agent Negotiate on the Commission? 65Understanding the Listing Agreement 66The Listing Agreement 69Listing Danger Signals 74What the Agent Owes You 74Buyer's Agents vs. Seller's Agents 75Which Type of Agent Do You Want? 76Chapter 5 Preparing Your Home to Show When You're Not Going to Net a Dime 78The Savvy Seller 79Things You Should Do 80Things You Should Not Do 84When the House Is Empty 86Chapter 6 How to Talk to a Lender87Questions to Ask 88When You Have an Agent 89Be Careful to Whom You Give Permission 90Dealing with the FHA 90Lenders' Loss Mitigation Phone List 92Chapter 7 Why Not Try a Loan Modification? 99Cram Downs 102FHASecure Program 104The Obama Housing Plan 105Loan Modification Fixes 106At a Loan Modification Meeting 107Chapter 8 Putting Together the Short Sale Package 109The Package Proposal Offer to Lender 111Lender's Net Sheet or HUD-1 111Purchase Contract Signed by Buyer 113Seller's Financial Information 117Seller's Hardship Letter 118Appraisal Showing Property Value 122Repair Estimates 122Payoffs 123The Bottom Line 123Chapter 9 Rewards (?) for Missed Payments and Other Tricks 125What Should You Do? 128When You're in Good Shape 130Will a Lender Do It? 130Isn't There Any Way I Can Get Some Cash Out of the Deal? 131When It's the Buyer's Idea 133Should You Take the Offer? 134Chapter 10 Tax Consequences and Other Dangers 135The 1099-C 136Form 982 136The Mortgage Forgiveness Debt Relief Act of 2007 137When the House Needs Repairs 138What to Do If You Get a Law BPO 141Chapter 11 Beating the Clock 143Mortgage vs. Trust Deed Timelines 144Stopping the Foreclosure Process 149Resources 149Chapter 12 Alternatives You Should Consider 150Deed in Lieu of Foreclosure 150Bankruptcy 154Renting Out the Property 154Take on a Partner 156Alternatives 158Chapter 13 Scams to Avoid 159Fixers and Facilitators 159Double Escrows 161The Self-Help Bailout 162Phony Leasebacks 163Phony Net Sheet 165Other Scams 167Chapter 14 Resources, Helpful Definitions, and Types of Mortgages 168Resources 168Definitions of Terms Used in Short Sales 170Types of Mortgages 185Index 189
