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Category: Short Sale FAQs

How to short sale when you have multiple loans-Tucson Short Sale Specialist

May 15, 2012

Hi there, I’m Shawn Polston with TucsonShortSalenegotiator.com, with Keller Williams Realty, your Tucson short sale specialists. I wanted to talk today about situations where we have multiple mortgages on a property or multiple liens on a property. The reason I want to bring it up is because you will run into people and real estate agents unfortunately that are under the impression that if you’re in that situation you can’t do a short sale. Or it’s incredibly difficult or any of those things. Well, I agree that it makes it more interesting and we will have more hurdles to overcome any time we have multiple liens on a property.

One of the things that I want to get out there is we do short sales with multiple loans on a property routinely and we even do short sales with three loans on a property. The way that typically happens is the house was purchased back in 2005 or 2006 when there were things called 80/20 mortgages. The lender would loan an 80% first mortgage and a 20% second mortgage. The way the third mortgage popped up was they actually did something like put a pool in the back yard. So now we have a third loan that was basically a construction loan to put a pool in the back yard.

We do those routinely and we also do short sales routinely where there is one mortgage on the property, two mortgages on the property, and then there are IRS tax liens or other liens. We have been successful with most of the cases with all of these different things. We have been able to work this all out with all of the different parties involved.

I wanted to get that out there to let you know if you are in that situation, and someone has told you that they don’t think you can do a short sale, please get a second opinion. I’d love for that second opinion to come from me and I’d love to take a look at your situation and see what is really going on and really explain to you how it all works. Again, I’m Shawn Polston with Keller Williams Realty, your Tucson short sale specialist and I’m here to help. Please call me with any questions or you can also fill out my short sale request form and I’ll get back to you as soon as I can. Thanks and have a great day.

Bank of America Speeds up Short Sales

May 10, 2012

Hi, I’m Shawn Polston with Keller Williams Realty, your Tucson short sale specialists. You can find us at TucsonShortSaleNegotiator.com and 520ShortSale.com. I wanted to talk to you today about Bank of America. My friends at Bank of America have just put some new systems in place that are supposed to speed up the short sale process. Their predictions now are that they are going to be able to turn around certain short sale files in about 3 weeks from getting an offer to getting an approval. This is huge news because one of the things about short sales is they have kind of gotten this stigma of taking a really long time to get done.

I wanted to get this out there because, number one, kudos to Bank of America for stepping up to the plate and getting this moving. If you have a Bank of America loan and you are considering a short sale or foreclosure, I’d love for you to pick up the phone and give us a call. You can also fill out our short sale request form. We’d like to talk to you about it and talk to you about how the process works with Bank of America. We are incredibly familiar with working with them and have built great relationships with them.

I know you may have other questions and you can take a look at my other videos on our website. Feel free to look at them and see if you can find any other answers to any questions you may have.

Again, I’m Shawn Polston with Keller Williams Realty, your Tucson short sale specialists and we’re here to help. I’m just a phone call away. Thanks and I hope you are having a great day.

Does A Deed In Lieu Of Foreclosure Really Help You In The Long Run

April 17, 2012

Hello everyone Shawn Polston here with Tucson Short Sale Negotiator, your top short sale team in the Tucson area, thanks for checking out my blog. I work with Keller Williams Realty in the Tucson area and my team and I are here to help distressed property owners avoid foreclosure on a daily basis. If you have questions on your underwater mortgage, or if you are already considering a short sale, please take a minute to browse my website or call me directly to discuss all of your Tucson real estate options.

Today I wanted to go over the option of a deed in lieu of foreclosure for Tucson homeowners who can no longer afford their mortgage or have stopped making payments. Lately I have had a lot of homeowners ask me whether this is a smart option to consider for getting rid of their underwater mortgage. A deed in lieu of foreclosure simply means you sit down with your lender and sign over your property to the bank. It is essentially a voluntary foreclosure and in most cases your lender may not be in favor of a deed in lieu. A homeowner has to qualify for a deed in lieu and it is possible that it may not help in the long run. Usually a deed in lieu will look the same on your credit as a normal foreclosure which is one of the reasons why I do not suggest them. In the case of a short sale, it will show up as a settlement of debt on your credit report and may inflict much less damage to your credit score.

If you are behind on your mortgage and unsure of your options give me a call today to figure out what is right for you. Stop by my website or call me today to arrange a free consultation to get you out from under your distressed property. Thanks for tuning in and I hope you have a great day.

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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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