Facebook Linkedin Youtube Rss

Category: Tucson Homeowner Help

Do You Know Who Owns Your Loan?

June 5, 2012

Hi there, this is Shawn Polston with TucsonShortSaleNegotiator.com and Keller William’s Real Estate in Tucson. I wanted to talk to you today about my friends over at Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac are investors that own loans. You may make your payments to Bank of America, Chase, or some other bank. Whoever you send your payment to, however, is your servicer. There is a distinct possibility that Fannie Mae or Freddie Mac owns your mortgage; no one actually sends their payments to Fannie Mae or Freddie Mac. The servicer collects the payment and then will take a small portion of your mortgage payment and then forward it on to the investor. Why this is important is because if you’re considering a short sale or considering a foreclosure the person that actually does the decision making and establishes the guidelines of how it’s going to happen and when it’s going to happen is either Fannie Mae or Freddie Mac if they own your loan.

There’s an easy way to figure out if either of them owns your loan by looking at their websites online. The reason I’m talking about this is because many people don’t realize that there are mortgage investor and servicer relationships. The servicer doesn’t really have the ability to make a decision on what’s going to happen with the loan whether you’re going to do a loan modification, a short sale, a deed in lieu of foreclosure, etc. It’s actually the investor who owns the mortgage that makes these decisions and I just wanted to get that out there.

Fannie Mae and Freddie Mac own numerous loans and we’ve got a ton of them. We have a very good relationship with both of those companies. If you have a loan with Fannie Mae or Freddie Mac and you have short sale questions or would like to know what the expectation should be, please give me a call or fill out the request form on our website.

What are Some of the Many Areas that the Polston Team Deals with Short Sales?

May 29, 2012

Hi there, I am Shawn Polston with TucsonShortSaleNegotiator.com and Keller Williams Realty. We are one of Tucson’s leading short sale teams. I wanted to talk to you today about short sales and to get the word out there that while we certainly have a very large presence and do a tremendous amount of business in the Tucson area, we are also very, very active in the Tucson area. At any given time we have a bunch of listings down there and we are constantly helping families’ by answering questions and completing short sales on their underwater homes. There is no reason to be miserable in your underwater home. We can help you make the right decision for you and your family.

It is not that uncommon that I should get a call from someone in Tucson wanting to know if we work in their area. Since I have gotten a few calls from this area I thought I would put this out there that yes, absolutely, we are here to help you short sale your home. If you are in the Tucson area, we love to work in that area and we are very familiar with the floor plans and many of the subdivisions

Again, this is Shawn Polston, with one of Tucson’s leading short sale teams and we’re here to help.If you are considering a short sale, I would love to talk to you about your situation and answer any questions you may have about short sales or the short sale process. So feel free to pick up the phone and give me a call today. You can also fill out our short sale request form and we will get back to you as soon as we can. Thanks a lot and I hope you are having a great day.

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.

Stay or Sell?

Crunch the Numbers on Your Home Instantly!
Start Here

What is a Short Sale?

Start Here

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.

More About Shawn

© Polston Results Team – Tucson Short Sale Specialists