Tag Archive | "My Short Sale"

Underwater? Thinking About a Strategic Default?

Monday, May 10, 2010

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If you're severely underwater on your mortgage, it’s likely you’ve considered stopping your mortgage payments and letting the bank foreclose on you. If so, you’re not alone by any stretch of the imagination. I discovered a program today that might make it easier for you to decide to stick it out.

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What Happens to My Credit Score with a Mortgage Loan Mod?

Wednesday, April 21, 2010

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The companies behind the new VantageScore credit score just finished up a study of over 400,000 credit files to see what the impacts of different foreclosure workouts are. Their results aren't probably as bad as you think...some people could actually see an increase in scores because of modifications. Come find out how...as well as what to expect if you have a short sale, a foreclosure, or a bankruptcy instead of a mod. Plus, I share what's happened to my credit because of my short sale.

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Get Your Short Sale Approved

Tuesday, March 16, 2010

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For those out there (like me) going through a short sale, I found this interesting interview on the Mortgage Servicing News website. The interview is with Kevin Beck who is the Foreclosure & OREO Manager for Fremont Bank in Northern California. He explains why short sales often fail and discusses the short sale process when you have a second mortgage. It's quite enlightening...

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Calling Your Servicer About Loan Mods – Is Success Possible?

Tuesday, September 8, 2009

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A video released by Freddie Mac says that it is…and that having your documents all lined up and ready to go will help make things easier for you and your servicer. I think you'll agree the video over simplifies a very complicated and convoluted process and makes it appear as if the problem is with homeowners not being prepared when they call their servicer. Com see if you agree...

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My Short Sale Part 5

Wednesday, March 18, 2009

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Part 5 in the on-going series of posts about selling our home in Virginia with an underwater mortgage. As 2009 rolled around and we looked at out interest rate resetting, we were becoming concerned about what was going to happen to our payments. After looking at the options, we were pretty sure we wanted to sell. So I drafted an explanatory e-mail to our tenants explaining we were considering selling the house at the end of their lease. Come to the site to see how they responded.

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My Short Sale Part 4

Saturday, March 14, 2009

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Part 4 in the on-going series of posts about selling our home in Virginia with an underwater mortgage. When we bought our house in March 2006, it appraised for $310,000. We were pretty happy with that considering we were paying $303,000. We figured we had $7,000 of built-in equity. What we didn't know was we were at the very top of the market.

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My Short Sale Story…Part 3

Tuesday, March 3, 2009

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As the date for our first mortgage ARM reset draws near, we've been increasingly concerned about what it's going to mean to our finances. Even though our interest rate will drop from 6 percent to about 4.75 percent, our payment will still go up...come see why and double-check my math...

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My Short Sale Story…Part 2

Monday, February 23, 2009

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This is part 2 in the on-going saga of selling our house in Virginia with an underwater mortgage. Today's topic is the financing we got when we purchased the house. We bought our house for $303,000. Looking back, it was more than we could really afford, but I had just gotten a big raise and promotion at work and we were tired of...

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My Short Sale Story…as it happens

Wednesday, February 18, 2009

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Last October, I wrote about the rental house we left behind in Virginia when my company moved us unexpectedly. Well, it looks like we're going to be selling it here in the next couple months...and we're upside down on the mortgage. So I thought it might be helpful and encouraging to you if I exposed our situation as we walk through it. I'll post about once a week, so come along as my team helps my family and puts itself to the test right before your eyes...

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