Category: Short Sales and Foreclosures

Information about what short sales and foreclosures are, how to short sale a property, how to buy short sales or foreclosures, and more.

Investing in Short Sales

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Okay, Mr./Mrs. Moneybucks, so you you have a little stash of cash set aside and you’ve been listening to market trends and keeping a keen eye on the real estate market. Now you’re thinking that today is the perfect time to buy real estate low and sell high later. Well, congratulations! You’re right!

Real estate market values are at a record low compared to what they were just a few short years ago, and with the mortgage mess going on thanks to the promises of adjustable rates, the short sale market is sadly becoming a growing trend. The potential to buy a property listed as a short sale at up to a 50% discount is becoming a reality, and for savvy investors looking towards real estate again as another way to diversify their portfolio, they’re in luck!

Most short sales can be purchased with a real estate agent, in fact, I highly recommend using a real estate agent because there is a ton of paperwork to contend with, not to mention the guidelines of dealing with real estate in general. However, there are ways to learn how to find short sales on your own and how to deal with lenders directly to purchase short sales.

Which ever way you decide to find and purchase your next investment, remember to take some time to plan out what you’re going to do once you have the property. Are you going to rent it out? Are you going to fix it up and flip it? Planning is the key to any successful investment– that includes planning for any unforeseen events. But I have faith in you. You’re smart and even smarter for reading Free-RealEstate-Tips.com!

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Categories: Buying Investing Short Sales and Foreclosures

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Loss Mitigation Contact Numbers

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Are you behind on your mortgage payments? Do you think you are going to have trouble paying your mortgage in the near future? Read my post entitled “Can’t Pay Your Mortgage” for more information. Or maybe you’re interested in investing in property in pre-foreclosure status? If so, you may find this information helpful: a compiled list of loss mitigation department contact numbers and websites of various lenders that you (or your listing agent) may need.

ABM-AMRO Mortgage (800) 783-8900

Web: https://www.mortgage.com/C3/application.bus

Accredited Home Lenders(877) 683-4466

AMC Mortgage Services (Also handles loans originated by Ameriquest and Argent) (800) 211-6926

1600 McConnor Parkway

Schaumburg, IL 60173

Web: https://www.myamcloan.com/malwebapp/begin.do

American Home Mortgage Corp.(877) 304-3100*

Ameriquest Mortgage (Debt collection — see AMC Mortgage Services) (800) 211-6926

Aurora Loan Services (Debt collection) (800) 550-0508

By Overnight Mail:

601 5th Avenue

Scottsbluff, NE 69361

Attn: Customer Service

By Regular Mail:

P.O. Box 1706

Scottsbluff, NE 69363

E-mail: ccnmail@alservices.com

Web: https://www.alservices.com/Consumer/UI/SSL/…UI%2fSSL%2fServ icing%2fDefault.aspx

Avelo Mortgage LLC (866) 992-8356*

Bank of America(800) 846-2222

BB&T Mortgage (800) 827-3722*

AmTrust Bank (fka Ohio Savings Bank) (888) 696-4444

Beneficial (800) 333-5848

Central Pacific Bank (800) 342-8422*

Charter One (800) 234-6002

Chase (800) 446-8939

Chase Home Finance (800) 848-9136 (customer service) (858) 605-2181 (delinquency customer service)

Chase Home Finance-New Jersey(800) 446-8939*Chevy Chase Bank(800) 933-9100*

Web: https://chaseonline.chase.com/chaseonline/l…mp;LOB=COLLogon

Chase Manhattan Mortgage

(800) 446-8939 (Ohio Servicing Center)

(800) 526-0072 (Florida Servicing Center)

(800) 527-3040 x533 (Florida Servicing Center)

Chevy Chase Bank (800) 933-9100

Web: https://www.chevychasebank.com/htm/payment.html (Payment Addresses)

Citi Financial Mortgage (800) 753-3673

Citimortgage (800) 283-7918

Countrywide (800) 262-4218 or (877) 744-7691

https://customers.countrywide.com/se…t_login254.asp

Ditech (800) 852-0656 (800) 449-8582

Downey Financial Corp.(800) 824-6902, ext. 6696

Deutsche Bank National Call Number on Mortgage Statement

EMC 800-723-3004

P.O. Box 141358

Irving, TX 75014-1358

Web: https://www.emcmortgageservicing.com…cnsecurity.asp

EverBank (800) 669-7724 ext. 4730

Equity One (Debt collection) (866) 361-3460

First Horizon Home Loans (800) 489-2966*

Fifth Third Bank (800) 375-1745 Option 3

First Merit Bank (888) 728-9931

Flagstar Bank (800) 968-7700, ext. 9780

Fremont Investment & Loan (866) 484-0291

GMAC Mortgage (800) 850-4622

GreenPoint Mortgage Funding (800) 784-5566, ext. 5383*

Green Tree (877) 816-9125

Homecomings Financial (800) 850-4622*

HomeEq Mortgage Servicing ( Debt collection) (866) 822-1471

Household Finance (A HSBC Co.) (800) 333-5848

Household Mortgage (800) 333-4489

HSBC Mortgage (800) 338-6441

Default Resolution Team (if long term problem)

2929 Walden Avenue

Depew, NY 14043

(888) 648-3124 Loss Mit

(732) 352-7519 Fax

Web:http://us.hsbc.com/personal/mortgage…fficulties.asp

Huntington National Bank (800) 323-4695

Indymac Bank (877) 736-5556

C/O Loan Resolution Department

P.O Box 7014

Pasadena, CA 91107

(Monday – Friday 6:15am-7:15pm. (Pacific Time))

Web: https://www.indymacbank.com/contactu…Resolution.asp

Irwin Mortgage (888) 218-1988

P.O Box 7014

Pasadena, CA 91107

Web: https://www.irwinmortgage.com/wps/portal/&#…3sdAvyHZUBAAqwx 9c

E-mail: deliquency.prevention@irwinmortgage.com

James B. Nutter & Company (800) 315-7334

Key Bank (800) 422-2442

LaSalle National Bank (800) 783-8900

Litton Loan Servicing (800) 999-8501 or (800) 548-8665

Fax (713) 966-8820

4828 Loop Central Drive

Houston, Texas 77081-2226

Web: https://www.littonloan.com/index.asp

Loss Mitigation Department Hours:

Monday Eastern: 9 a.m. – 7 p.m. Central:8 a.m. – 6 p.m. Mountain:7 a.m. – 5 p.m. Pacific:6 a.m. – 4 p.m.

Tuesday-Thursday Eastern:9 a.m. – 9 p.m. Central:8 a.m. – 8 p.m. Mountain:7 a.m. – 7 p.m. Pacific:6 a.m. – 6 p.m.

Friday Eastern:10 a.m. – 6 p.m. Central:9 a.m. – 5 p.m. Mountain:8 a.m. – 4 p.m. Pacific:7 a.m. – 3 p.m.

Default Counseling Department representatives are also available most weekends on Saturday from 8 a.m. to 12 p.m. and Sunday from 10 a.m. to 2 p.m. (CST).

Midland Mortgage (800) 552-3000 or (800) 654-4566

Web: https://www.mymidlandmortgage.com/My…ogin/Login.asp

Mortgage Lenders Network (800) 691-0129

E-mail: customerservice@mlnusa.com

Web: http://www.mlnusa.com/customers/info_credithelp.asp

Mortgage Electronic Registration Systems (888) 679-6377

National City (800) 367-9305, Ext. 53221 or (800) 523-8654

Attention: Homeowner’s Assistance

3232 Newmark Dr.

Miamisburg, Ohio 45342

(8AM-10:30PM ET, Monday – Thursday)

(8AM-5PM ET, Friday)

(8AM-Noon, Saturday)

Web: http://www.nationalcitymortgage.com/…assistance.asp

Nationwide Advantage Mortgage Company (800) 356-3442, ext. 6002*

NationStar Mortgage (888) 850-9398* Press 0 for operator

New Century Financial Now Carrington Mortgage Services (800) 790-9502 or (877) 206-9904

(6:00 a.m. to 7:00 p.m. Pacific Time, Monday – Thursday)

(6:00 a.m. to 6:00 p.m. Pacific Time, Friday)

Web: https://myloan.newcentury.com/webapps/servi…yloans/index.do

NovaStar Mortgage Loan Resolution Department (888) 743-0774 Non-English: (888) 743-0774, ext. 4523

Ocwen Federal Bank (800) 746-2936 or (877) 596-8560

Web: http://www.ocwencustomers.com/csc_fa.cfm

Attention: Financial Information

12650 Ingenuity Drive

Orlando, Florida 32826

or

Ocwen Financial Corporation

1661 Worthington Rd., Suite 100

West Palm Beach, Florida 33409

Phone: 877-226-2936

For serving Ocwen with legal process, please send to their registered agent:

Corporation Service Company

2711 Centerville Road, Suite 400

Wilmington, DE 19808

Phone: 561-682-8000, x8386

Option One (866) 711-1962 or (888) 275-2648

Web: http://www.oomc.com/servicing/servicing_baifaqs.asp

PHH Mortgage (Formerly Cendant) (800) 257-0460

For borrowers facing possible delinquency: (800) 330-0423*

For borrowers in the foreclosure process: (800) 750-2518

ResMae Mortgage Corp.(877) 473-7623, ext. 5944

Saxon (800) 665-7367

Select Portfolio Servicing (888) 818-6032

Fax: (801) 293-3936

Loan Resolution Department

P.O. Box 65250

Salt Lake City, UT 84165-0250

(Monday – Thursday 10:00 a.m. – 10:00 p.m. EST)

(Friday 10:00 a.m. – 7:00 p.m. EST)

(Saturday 9:00 a.m. – 1:00 p.m. EST)

Web: http://www.spservicing.com/services/custom…nresolution.htm

SkyBank (800) 290-3359

Sun Trust Mortgage (800) 634-7928

PO Box 26149

Richmond, VA 23260-6149

Mail Code RVW 3003Web: https://www.suntrustmortgage.com/generalquestions.asp#

Third Federal Savings (888) 844-7333

US Bank (800) 365-7900

Wachovia Bank of Delaware (866) 642-8608

Washington Mutual (866) 926-8937 or (888) 453-3102 or (800) 478-0036 or (800) 254-3677

Waterfield Mortgage (800) 957-7245

Fax: (260) 459-5390

c/o Loss Mitigation Dept.

7500 W. Jefferson Blvd.

Fort Wayne, IN 46804

(7 am – 10 pm EST Monday – Thursday)

(7 am – 9 pm EST Fridays)

(8 am – 2 pm EST Saturdays)

E-Mail: saveyourhome@waterfield.com

Web: http://www.waterfield.com/scripts/cgiip.ex…rvices/delqasst

Wells Fargo (877) 216-8448 or (866) 261-5642 or (800)766-0987 or (800) 678-7986 for payment assistance

Borrower Counseling Services

Monday – Friday 8:00 a.m. – 9:00 p.m., CT

Saturday 9:00 a.m. – 2:00 p.m., CT

Web: https://www.wellsfargo.com/mortgage/account/

Wendover Financial Services Corporation (800) 934-1081 or (800) 436-1022

Web: http://www.wendover.com/borrowers.html

Wilshire Credit Corporation (888) 502-0100

P.O. Box 8517

Portland, OR 97207-8517

From 6 a.m. to 5 p.m. (Pacific time) Monday through Friday

Web: http://www.wfsg.com/borrower/borrower.aspx

(Lender/Servicer Loss Mitigation Phone Numbers & Contact Information created by Moe Bedard of Corona, CA, reposted here at CircleDebt.com.)

Categories: Investing Short Sales and Foreclosures

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Short Sale vs. Foreclosure

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Some homeowners at their wits end are ready to throw in the towel and give up on their house. They can’t afford the payments, they are stressed out and no longer want to deal with a mortgage. If you’re in a similar situation, take a deep breath and listen up. I know it’s a lot easier to walk away from your problems, but this is what I tell homeowners facing foreclosure: “Short sell it”.

The consequences of going through a foreclosure process is a lot more damaging than short selling your home. The biggest and foremost reason to try and avoid foreclosure proceedings against you is to minimize damage to your credit history. When you short sale your home, the lender is willing to accept a payoff amount that is less than what you actually owe. Yes, this information is reported to the credit bureaus, but it shows that you made an effort to rectify your financial situation by selling your home at the current market value. Short sale information typically stays on your credit history for about a year.

Conversely, foreclosures are judgments against you and therefore, can stay on your credit history report for 5 to 7 years. Furthermore, the next time you apply for a mortgage, you’re going to have to check that little box that asks whether you have ever been involved in a foreclosure. Even if it’s been more than 7 years, it still doesn’t look good.

Bottom line: hang in there, and seek the advice of a real estate professional in your area who can work through a short sale process for you.

Categories: Selling Short Sales and Foreclosures

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Preparing For A Short Sale

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As difficult and stressed as things may be, the lender is going to want some information about your financial situation as part of their decision to accept a lowered payoff amount. The information needed is similar to the information needed to complete a mortgage application, except, instead of trying to prove your credit worthiness, you are trying to prove your financial insolvency.

Here is a list of items you may need:

  • A hardship letter explaining your financial situation. Include what you have done to rectify the situation.
  • Documentation on any other liens against the property.
  • Bank statements.
  • Pay stub and W2’s.
  • Monthly bills, especially utility bills on the property.
  • Property taxes.
  • Homeowner insurance policy

Categories: Short Sales and Foreclosures

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Can I still short sale my home if I’ve filed for bankruptcy?

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The absolute answer to this question is to consult an attorney who practices law in the state you filed, because bankruptcy is a legal issue.

Ask your attorney if the state in which you filed for bankruptcy will protect your home from foreclosure. The Bankruptcy Court or Trustee would have to approve your entering into a listing agreement. In most cases, it will be nearly impossible to complete a short sale.

Consult an attorney for legal advice.

Categories: Short Sales and Foreclosures

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What Is A Short Sale?

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If you’re keeping up to date with real estate news, chances are you’ve heard the word “foreclosure” more and more. If you want more detailed information about foreclosures, then read my post called, “What Is A Foreclosure”. For this post, just know that a property in foreclosure means that the homeowner can no longer pay the mortgage. What does this have to do with a short sale? Read on.

When a homeowner can no longer afford the payments on their property, they may try to refinance their loan to a better rate in order to lower their monthly payments and avoid foreclosure. But when the total balance of a mortgage exceeds the current appraised value of the property, refinancing that mortgage becomes extremely difficult, if not impossible. It becomes a huge risk for any lender to lend money on an asset that is worth less then they are lending. So what is a homeowner to do? They cannot refinance but cannot afford the mortgage. The only option they have is to sell the property. But since the appraised value of the house is less than what the homeowner owes, the home must be sold at a loss. This loss is considered a short sale from a lenders perspective since they are willing to accept less than the amount they are owed as payment in full.

Categories: Investing Short Sales and Foreclosures

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Can’t Pay Your Mortgage?

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For some reason or another, you just can’t seem to pay your mortgage. Whatever the reason, you must know that you do have choices:

  • Sell your home and find a more affordable one. If you owe more than what your home is worth, you may need to sell your home as a short sale. Talk to a knowledgeable real estate in your area for more details.
  • Refinance the mortgage.
  • Ask your lender if they would agree to a forebearance, wherein the lender agrees to temporarily suspend or reduce payments.
  • Ask your lender if they could agree to permanently modify the terms of the loan to reduce monthly payments.

If you miss a payment or know that you are going to have trouble keeping up with your payments, contact your lender immediately! Open communication with your lender shows them that you are willing to do what you can to resolve the problem. Consult with a real estate agent in your area for help if needed.

Categories: Short Sales and Foreclosures

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What Is A Foreclosure?

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Foreclosure is a process by which a lender takes title or forces the sale of a property as a result of the borrower’s failure to comply with the terms of the mortgage. The first missed payment begins the foreclosure process. Bringing the loan current (paying all the mortgage payment(s) and fee(s) due) or selling the property ends the process.

If after numerous attempts to collect payment from the homeowner fails, lenders will begin legal proceedings to foreclose on the property through a Notice of Intent to Foreclose posted in a local newspaper and at the county/city courthouse. The notice lists general information about the property and a date the property will be sold at auction.

Depending on the auction terms, the lender may set a reserve amount (a minimum amount they will sell the house). If that reserve amount is not met, the home becomes property of the lender, or Real Estate Owned (REO).

Depending on the state, a house sold at a foreclosure auction may go into a redemption period wherein the homeowner can buy back their home if they can pay for the entire loan, including any accumulated fees.

Categories: Investing Short Sales and Foreclosures

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