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Tag: avoid foreclosure

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.

Is it Possible to Complete a Short Sale When You Have a Reverse Mortgage?

April 3, 2012

 

Hi there, I am Shawn Polston here with TucsonShortSales.com, one of Tucson’s leading short sale teams. I wanted to talk to you today about reverse mortgages and short sales. For those of you who are not aware of what a reverse mortgage is, it is a product, generally speaking for folks who are up there in years, and I think the requirement is over 65. Depending on how much equity you have in your property, a reverse mortgage will actually pay you every month. One of the things I have found out there in my looking around the internet is there are actually some people out there claiming that you cannot do a short sale on a reverse mortgage. Nothing could be further from the truth.

In situations where there is definitely some sort of hardship, the lenders are interested in doing short sales on reverse mortgages. Maybe something has changed, there has been a job loss, or unfortunately a death of someone who was involved in a reverse mortgage, chances are, your lender will work with you on your situation.

I wanted to get that out there and make sure you know that it is an option. If you have any questions about how short sales and reverse mortgages work, please do not hesitate to pick up the phone and give me a call. You can also fill out the short sale request form on our website. Again, I am Shawn Polston, one of Tucson’s leading short sale teams and we are here to help. I look forward to speaking with you soon. I hope you are having a great day, thanks.

Is it Ever a Good Idea to Walk Away From Your Mortgage or Are There Other Options?

March 15, 2012

Hi there, I’m Shawn Polston with TucsonShortSales.com, one of Tucson’s top short sale teams. I wanted to talk to you today about walking away from your mortgage. It’s not uncommon that I run into clients that are under the impression that there is a decision that has to be made between completing a short sale or walking away from your mortgage. There is actually this perception out there that if you attempt a short sale, that you can’t walk away from a mortgage, and nothing could be further from the truth. In most cases your lender even when we go to your lender with a short sale, foreclosure is off in the distance. This is true if for any reason those payments not being made, which when someone is walking away from a mortgage they are most likely not making payments.

The lender is going to be running that process at the same time the short sale process is going. So, if you’re walking away, the idea that you’re attempting a short sale will somehow stop that process of walking away or cause you not to have that option, it’s just simply not the case.

It is incredibly rare that I run into a situation where somebody has decided to walk away, they come to me, and it’s very rare that they souldn’t atleast attempt a short sale. It’s better for the credit, you avoid having a foreclosure on your credit report and ultimately what I’ve run into is there’s a perception that the lender is going to force them to do something that walking away that they can avoid. This is simply not the case. If your lender comes back and doesn’t approve your short sale and make some request of you that is just something you’re not willing to do, we just tell them no. In most cases the lender will back off. In a lot of cases the lender doesn’t make requests. So it’s not even a conversation we need to have with them.

I just wanted to get it out there that it would be a very rare situation where there is anything hurt by attempting the short sale when you’re in that situation. I know you have other questions and within my website I have several other videos that might help you.

One of the best things I can do for you if you’re in this situation is meet with you and discuss your situation. Then you can decide from there if it’s something you want to persue. We pass no judgement, if someone decides they want to walk away from their home, we’ll respect that and understand that. Again, I’m Shawn Polston with TucsonShortSales.com, one of Tucson’s premiere short sale teams. If you decide to go with a short sale, we are the best in the business and we’re here to help you. I appreciate your time, thanks a lot.

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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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