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Tag: Tucson

Important FHA Guidelines That Will Make Or Break Your Short Sale

March 12, 2013

Hello everyone Shawn Polston here with Tucson Short Sales and 520 Short Sales thank you for joining me. I work with Keller Williams Realty in the Tucson area and use my blog to share my experience with underwater property owners. If you are facing foreclosure or at risk of defaulting on your mortgage please contact me today to discuss all of the options for selling your home.

Today I wanted to talk with Tucson homeowners who have their mortgage through the FHA about their specific short sale process. These loans are guaranteed by the FHA and since this is government sponsored program they actually do not refer to it as a short sale. Regardless of who the servicing bank is, whether Wells Fargo, Bank of America, or another lender, selling your FHA property for less than what it’s worth will follow very set guidelines. The first step in getting an FHA approval is submitting a valid offer to your lender along with your financial information. Once this is submitted we will need to receive what is called an approval to participate from your lender to start the short sale process. After we have received this from your lender they will send out a specialist to appraise your home to determine a fair market value. In order for your short sale to be approved the offer that we submit to the bank must be fairly close to this appraised value from the FHA. For this reason it is important your short sale agent has FHA experience. We will need to get a good price for your home and the FHA simply won’t allow us to accept a low ball offer.

If your mortgage is backed by the FHA and you are considering a short sale please browse my website or call me to learn even more. Thank you for your time and I look forward to helping you in the future with your underwater property.

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.

Can a Short Sale Help When an Estate Needs to be Settled?

March 22, 2012

Hey there, I’m Shawn Polston with TucsonShortSale.com and Keller Williams. We are Tucson’s top short sale team. I wanted to talk to you today about a touchy subject involving short sales. One of the things that is an unfortunate stage of life is when someone passes away and they were the mortgage holder on the property, and now the property is getting transferred to the heirs and the property is upside down. The mortgage is far more than what is owed on the property. There is some incredible misinformation out there. Some people are finding themselves in that situation are being told to simply walk away from the property. One of the biggest things to accomplish in a short sale is that payments have something to do with it, but also hardships. We have absolutely no problem going to the lender and explaining to them what’s happened and the lender not quickly coming to the conclusion that yes this is a situation where we want to help these people.

The process is very similar it takes about a month or a month and a half sometimes two months to get the lender to go ahead and agree to the short sale. However, convincing them that it’s something they should do I have yet to run into any resistance with the lender in this case.

One of the biggest things to this is closing this up or closing up this estate, getting this done and behind you. One of the things I’ve seen happen is that you get the advice to simply walk away from the property and allow the lender to foreclose which is certainly is an option. Here’s the problem with that, I hear from lenders that they are taking an average of 12 to 15 months to foreclose on a property. So you need to keep that in mind and talk to your estate attorney and in most cases to close up that estate and have this done, that property is going to need to be disposed of. So how long could you possibly have this matter hanging out there before the estate is actually closed up?

Walking away from the property is certainly an option; the thing you have no control over is when the lender gets around to and decides to foreclose on the property. In a short sale we have much more control. We do have to submit it to the lender and the lender does have to approve it, but when it’s all said and done I can in most cases have that done within four to five months, typically from start to finish. I just wanted to get that out there to you, and if you find yourself in that situation, we’re very familiar with how these things work and how they work with the estate attorneys. In some cases we’ve actually been able to get the estate attorney fees included as part of the short sale and been able to help the estate financially by doing a short sale.

Again, I’m Shawn Polston with Tucson’s top short sale team and I know you have other questions. I’d really like the opportunity to speak with you, so please feel free to pick up the phone and give me a call. You can also fill out the short sale request form and I’ll be in touch 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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