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Will The Bank Come After You Once You’ve Completed Your Short Sale?

January 14, 2014

One of the questions I get asked the most often is whether or not the bank will come after you once you’ve completed a short sale. Honestly, it’s really hard to answer that question right now. Don’t let this deter you, however, because we’ll be able to fully answer that question once we get your short sale approved.

When you get your short sale agreement letter it’s basically a new agreement between you and the bank regarding the terms of your short sale. The short sale approval letters that we receive from most letters, 99% of the time they grant a full release of deficiency to the homeowner. Occasionally we run into the circumstance where there is a second mortgage where they may have rights to pursue you and it can make the short sale a little bit trickier but in the vast majority of our short sales, the seller ends up leaving the situation free and clear of any loans on the property.

What I’d like you to do is contact me so that I can get a complete understanding of your situation and your scenario. When your loans were taken out, if there was cash taken out, if the loan was ever refinanced – all of these things impact how this one question gets answered. Don’t take a blanket statement as the correct answer for your situation because it hinges on several different things. You can fill out the short sale request form on our website or pick up the phone and give us a call so we can talk to you about your situation and educate you on the different things that are out there. We also have legal resources that you can speak to, to answer this question a bit more concretely. The biggest thing is to not do nothing; do something by giving us a call or filling out the short sale request form and we’ll be in touch soon.

Frustrated Homeowners Tired Of Wasting Money Turn To Strategic Default

January 7, 2014

Hello everyone Shawn Polston with Keller Williams Realty in Arizona talking with homeowners today about strategic default. This is a topic that many homeowners consider when their mortgage is underwater but it’s important to know your options and their effects before making a decision. If you have questions about your distressed property or have already missed a mortgage payment please give me a call or visit my website to discuss your options.

A strategic default occurs when a homeowner who is able to make their mortgage payment walks away from the home and decides to default on their mortgage. Homeowners who have seen a severe drop in their property value over the last few years have made this decision after throwing away money for months or years. If you are considering a strategic default I would love to opportunity to talk with you about all of the options you have for your distressed property. There are numerous reasons for completing a strategic default, whether it’s moving to a new home or town or to avoid wasting money, but there may be a better option for you to consider. Many homeowners who have decided to complete a strategic default may have missed out on the opportunity to complete a short sale. Many lenders currently are allowing homeowners to complete a short sale without ever missing a payment on their mortgage. After all that has occurred I feel no sympathy for the banks but want to help homeowners protect themselves for the future and make the best decision available. Even if a strategic default is the option you select it is important to know what this could mean for your long term credit and loan standing. Thanks to state and federal programs homeowners who are stuck with underwater mortgages have options to consider before walking away.

Please give me a call today if you are frustrated with making payments every month with no sign of home equity in the future. I offer any homeowner a no obligation free consultation in order to help them find the best solution to their property problem. Thank you for your time and I look forward to hearing from you in the future at Keller Williams Southern Arizona.

Want Experienced Help With Your Ocwen Short Sale?

December 30, 2013

Hello again; today I wanted to talk to you about completing a short sale with Ocwen lending. Ocwen is an interesting company to do business with as far as short sales go. If you’ve been on the internet and looked around for information on completing a short sale with Ocwen there’s a pretty good chance that you’re intimidated by what you’ve seen and the information that you’ll get from me is about the only positive information that you’ll find online. Ocwen is extremely particular in how you work with them and how you can get things accomplished as far as your short sale goes. It’s not uncommon for them to ignore you or close your file if you don’t do business the way they like or follow their guidelines. There are also a lot of nuances with Ocwen because they’ve acquired so many new companies. Depending on if your loan was with GMAC or one of the other companies they’ve acquired, there are all these different channels to working with Ocwen to be successful in getting a short sale done. While there are a lot of negative things out there about Ocwen and I’m not here to defend them, I am here to let you know that if you have an Ocwen loan and need help, I don’t mind working with them because I know how they do business and can help you get your short sale completed.

I’d like to encourage you to give me a call with any of your short sale questions, whether your servicer is through Ocwen or a different company. I can help walk you through the process and let you know what to expect from them to help make your short sale a success. Again, don’t be discouraged but instead give me a call today so I can help.

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About Shawn Polston

Shawn has been a Realtor since 2006. Prior to becoming an agent Shawn and his wife were active real estate investors. Shawn takes his education seriously; he’s taken over 200 hours of continuing education classes, to keep up-to-date on current laws and trends. Shawn is a member of the Arizona Association of Realtors Master of Real Estate Society and a Graduate of the Realtor Institute. He is also a HAFA certified Short Sales and Foreclosure Specialist in addition to being a National Association of Realtors Short Sale and Foreclosure Resource.

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