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Category: Short Sale FAQs

Having Trouble With Your PNC Short Sale And Need Some Help?

September 11, 2012

Hello everyone my name is Shawn Polston with Tucson Short Sales and 502 Short Sales thank you for your time today. I work with Keller Williams Realty in the Tucson area and use this blog to share valuable information with distressed property owners on their options for avoiding foreclosure. If your mortgage is underwater and you are having trouble making your payment each month take a minute to browse my website or give me a call to discuss all of your real estate options.

In my blog today I wanted to speak with Tucson homeowners who have their mortgage through PNC Bank about the opportunity to complete a short sale. If you have a PNC loan and are considering a short sale there are some things you should know about how they handle each file. Having worked with PNC on numerous short sales I have been able to build some great relationships with their staff which are a big help when we run in to problems. It is very important to be proactive with PNC on a short sale because from what I can tell their staff is not very big and in turn very busy. When I contact a PNC office to check on a Tucson short sale there are only a handful of people who answer the phone and that person is not allows fully educated on their own short sale process. For this reason it is important that your short sale agent have experience with PNC to make sure your file does not get lost in the shuffle.

If you have questions on your PNC mortgage or would like to get your Tucson short sale started fill out a contact form on my website or call me directly to get started. On my website you can also find my Short Or Stay Calculator which can help you determine if a short sale is right for you. Thank you for your time today and I look forward to helping you in the future with all of your Tucson real estate needs.

Principle Reductions and Information about Loan Modifications

August 30, 2012

Hi there, I’m Shawn Polston with TucsonShortSaleNegotiator.com, one of Tucson’s leading short sale teams. On the loan modification front, the federal housing finance agency released some information recently and they basically control Fannie Mae and Freddie Mac. They are the two largest owners of mortgages in the United States. If you would like to figure out if you have a Fannie Mae or a Freddie Mac loan, we can help you with that. We have an easy way to find out.

The federal housing finance agency just released guidance that Fannie Mae and Freddie Mac are not allowed to do principle reduction loan modifications. What this means to you is if you are submitting a loan modification package and what you are hoping for is that they are going to modify the amount of money you owe them. It’s important for you to find out if you have a Fannie Mae or Freddie Mac loan because you know the answer. Unfortunately that’s their stance on it, and that’s what they are going to do.

We have had homeowners who are late on their payments and they are going through the loan modification process and the clock is ticking. Somewhere in the distance is foreclosure once the payments stop coming in. They go through this loan mod process, the foreclosure process starts and they get down to the end of this loan mod process and don’t get the loan mod they were hoping for. So then they think about short selling the house. By the time they finally come talk to me we have three weeks left or there is an act of foreclosure date that is hanging over their head right now and we are under a time crunch. Once you stop making payments on a mortgage, you only have a certain amount of time before they are going to foreclose.

It is really critical before you wait it out for that loan mod that very well may never come, do some investigations as to who owns your loan. With Fannie Mae and Freddie Mac, they have pretty clear cut guidelines on what they will do and what they won’t do. If you are considering a loan modification and you would like to talk to someone about it, we are always happy to talk to you about it. Again, I’m Shawn Polston, one of Tucson’s leading short sale teams and we are here to help. Fill out the short sale request form or pick up the phone and give me a call. So don’t waste time, come and see us and we will help you out. Thanks and we hope you are having a great day.

Are You Having Problems With Your Current GMAC Short Sale?

August 28, 2012

Hello everyone my name is Shawn Polston with Tucson Short Sales and 520 Short Sales thank you for joining me today. I work with Keller Williams Realty in Tucson and use this blog to keep distressed property owners up to date on all of their options for avoiding foreclosure. If your Tucson mortgage is underwater and you are struggling to pay your mortgage each month please browse my website or call me today to learn more about all of your real estate options.

For my blog today I wanted to speak with Tucson homeowners who have a mortgage through GMAC about their opportunity to complete a short sale. GMAC can be a very unique lender to work with in regards to their short sale process but this is often a good thing for the homeowner. All it takes to start a short sale with GMAC is a listing agreement and a letter of authorization from the homeowner and this will save us a lot of time. If you are having trouble with your current GMAC short sale you should probably be aware that they are in the process of bankruptcy. While it sounds like they will be able to pull through this it is certainly going to effect their staffing and their focus on getting your short sale approved. For this reason it is important to get your short sale file started as soon as possible in order to avoid this problem in the future. The last thing we want to do is make the buyer on your property wait three or four months for a decision from your lender which is why we need to start your file today.

If you have questions about your GMAC mortgage or the short sale process please fill out a contact form on my website or call my office directly to get in touch and start the process of getting rid of your mortgage debt. I hope your having a great day and I look forward to hearing from you in the future.

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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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