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Category: Short Sale Programs

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.

You Can Do A Short Sale With Multiple Liens Against Your Home

September 4, 2012

Hi there, Shawn Polston here with TucsonShortSale.com in Tucson. I wanted to talk to you today about short sales with multiple liens on the property. A lot of people have multiple liens against their property whether it’s two mortgages, a mortgage and a HELOC, a mortgage and a judgment, a mortgage and an IRS lien, etc. One of the saddest things I see is they will talk to a real estate agent that doesn’t know anything about short sales and they tell the homeowner that they can’t do a short sale with multiple liens on the property. What the real estate agent should be telling the homeowner isn’t, "You can’t do a short sale" they should be saying "I don’t know how to do that" and then get you to someone that knows how to do that. We handle these situations all the time and have very easy processes to deal with most every type of situation. Some situations can get a little difficult as far as how they’re going to turn out, however we have written processes for how to handle these as well.

We actually have a short sale closing soon where there was a Wells Fargo first mortgage, Green Tree second mortgage, a different Green Tree department for the third mortgage and the house was worth less than what the first mortgage was owed, so it was a short sale for all three mortgages. Not only were we able to negotiate the short sale with Wells Fargo, we were also able to successfully negotiate on both Green Tree mortgages and get full releases from all three of the mortgages.

Again, here’s the thing, there are people out there right now that are getting bad advice from a real estate agent about doing a short sale with multiple liens. Make sure you pick up the phone and give us a call because we can direct you on how to best handle these problems. We want to go over your situation with you and make sure you are aware of all of your options, so please give us a call or fill out the short sale information request form on our website. Thanks again for coming to TucsonShortSale.com

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.

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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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