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Category: Tucson Short Sale Help

Short Sale Guidelines Are Dependent Upon Many Different Factors

January 15, 2013

Hi there, Shawn Polston with Keller Williams and TucsonShortSaleNegotiator.com in Tucson. Today I wanted to talk to you about short sale guidelines; this is a subject that I know a lot of people search for online because there are a lot of definitions.

When someone asks me what short sale guidelines are, I first ask them what type of loan they have, who the investor is and who the lender is. All of the different entities have their own short sale guidelines. For me to give you all of these guidelines would take hours; one of the biggest things to know when talking to a short sale agent is if that agent is familiar with the bank that owns and services your loan as well as what type of loan you have. All of these different factors affect you as a homeowner. For example, with a VA short sale, they offer you $1500 in relocation assistance, however the short sale agent has to ask for it; you don’t automatically get it. On the opposite end, with an FHA short sale, they automatically give you relocation assistance.

There are all different types of short sale guidelines within the different programs where not being familiar with them can cause success or failure with your short sale, especially with FHA because they’re very stringent.

Bank of America also has their own guidelines; they have cooperative programs where they’ll give you money at the end of the short sale and cooperative programs with Fannie Mae. Is your short sale agent aware of these guidelines and do they know how to ask the lender if you qualify for them?

In most cases, we can figure out who your investor is and we’d love to sit down and talk with you, explain the different processes and what you can expect if these programs apply to you. It’s very important that you work with a short sale agent that is aware of the many different guidelines. One thing to watch out for is if you get the answer, "It’s no different than any other short sale." That essentially means they don’t know; I can tell you that there are big differences between all of these lenders, investors and loan types and working with the right short sale agent can mean success or failure for your short sale.

Never Underestimate The Importance Of Getting Deficiencies Waived

January 14, 2013

Hello everyone Shawn Polston here with Tucson short sales and 502 short sales thank you for checking out my blog today. I work with Keller Williams Realty in the Tucson area and use this blog to share valuable information on all of your options for avoiding foreclosure. If your mortgage is underwater and you are ready to sell please take a minute to browse my website or call me directly to chat with an expert today.

For my blog today I wanted to talk with Tucson area homeowners about the importance of getting all deficiencies waived during the short sale process. There is often some confusion between a deficiency judgment and short sale taxes but it is very important to understand the difference. Simply put a deficiency judgment will determine whether or not you will owe any money on your mortgage once a short sale has been completed. As short sales become more common I can tell you that getting all deficiencies waived on your Tucson mortgage is highly likely. While your lender may ask for money from the borrower at closing if your short sale agent has experience this should be easily negotiated. Tucson homeowners also have the ability to turn down any short sale agreement that asks for cash at closing and does not waive all deficiencies.

If you have questions on the short sale process or your distressed property please fill out a contact form on my website or call me today. On my website you can also find my Short Or Stay Calculator that 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.

Short Sale Specialist Discusses Credit Effect after a Short Sale

January 11, 2013

Hi there, I’m 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 the question that often comes up and it’s really an interesting question. The answer is really vague and it’s about what impact a short sale will have on your credit. This is really a loaded question because the way credit scores are calculated is actually a closely guarded secret. There are a lot of variables that go into what the impact is going to be on your credit score. One of the things I can tell you is that we have had clients that we have done short sales for and they have been current on their payments. It actually worked out where we could get a short sale complete and they didn’t have to go behind on their payments. It actually goes to their credit report as a settled account. Meaning their lender and them worked out an agreement. It might have affected their score by 50 points. They’re paying all of their other credit and what they tell me is their credit score recovers rather quickly.

I’ve also had situations where borrowers have gone late or stopped paying their mortgage. The impact to the credit report in some cases hasn’t been too much and in some cases it has been a lot. One of the things there is it becomes a question of how much credit do you have. If you have 10 accounts and you have one account that you aren’t paying on, it won’t have as big of an impact as it would be if you have two accounts and you are late on one of them. All clients typically find out that their scores start to recover and increase after the short sale is complete.

The biggest myth I hear out there is that a short sale is going to have an enormous impact on your credit. In most cases, where that comes from is you have a borrower that has serious financial problems. Actually, it’s not just the mortgage that’s not being paid on the home. They may have two mortgages on the home that are not being paid; they also have several credit accounts that are not being paid. So really they are not paying any of their credit. When that’s the case, the credit score is going to have an enormous impact. people usually blame the short sale for the drop in credit and the short sale is a piece of that but really what it is, is that all their credit is not being paid is why it has an enormous impact on their credit.

The way credit scores are calculated is a closely guarded secret, and that’s how those industries make their money. Again, I’m Shawn Polston with TucsonShortSaleNegotiator.com, one of Tucson’s leading short sale teams and I’m here to help. So I hope you are having a great day. If you have any questions, feel free to pick up the phone and give us a call. Thanks and we look forward to speaking with you soon.

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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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