Spokane Short Sales & Loan Modification Help. How to GET IT DONE!

Spokane Short Sales: How To Look At A Short Sale From The Lender’s Perspective

admin — Fri, 13 May 2011 17:02:10 +0000

Spokane WA – The Stop Foreclosure Institute received a few responses from yesterday’s blog post. Most of the questions went something like this.

“I think a lender would be stupid to approve an investment property short sale for a wealthy person. If I was the lender I would sue them for the loss. Jan.”

The bottom line is that people didn’t think a lender would allow a wealthy person to walk away from the debt on an investment property.

Get my Free, Step By Step Loan Modification Guide by clicking here.

Here are a few reasons that a lenders will allow a wealthy investor to walk away from an upside down investment property.

Lenders know that if they can give a customer what they want, then it will help them. If they don’t give a customer what they want, then everything turns into a fight.

Some homeowners will hire a lawyer to review every clause in the mortgage. They will check to make sure that each clause of the mortgage meets every single conceivable state and federal law.

Other people will declare bankruptcy to avoid paying the debt. This is the biggest impediment keeping lenders from collecting on a debt.

Debt is very hard to collect even in court. In fact, only around 8-10% of all judgments are ever collected. That means a lot of people and lenders spend thousands of dollars in court getting a judgment, only to never collect the money.

This is one of the reasons that a debt collection company recently bought $20 Million Dollars worth of Deficiency Judgments for $150,000. I don’t know which lender sold them, but apparently that is all they thought they were worth.

I hope this helps you see why a lender would find it simpler to approve a short sale rather than pursuing a debtor in the hopes of collecting on the deficiency.

Thinking about a loan modification?Our Spokane loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at ryanb@gotmoved.com to request a Free Copy. Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 509-868-5800

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Ryan Bishop.

Ryan is a Real Estate Broker (in Washington all agents are now brokers) at Windermere Real Estate City Group. Spokane Short Sales Realtor:

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Ryan Bishop specializes in loan modification assistance and short sales in Spokane Washington. Spokane Loan Modification Help, Spokane Short Sales. Spokane Short Sale Realtor. Spokane WA Short Sales. Spokane Realtor.

Important Notice

Ryan Bishop, Windermere Real Estate City Group, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group.

This information on Spokane Short Sales: How To Look At A Short Sale From The Lender’s Perspective is provided as a courtesy to our viewers to help them make informed decisions.

Spokane Short Sales: Why Is The Short Sale Taking So Long?

admin — Fri, 13 May 2011 16:38:45 +0000

Spokane WA – The Stop Foreclosure Institute recently received a question from Cathy. Here was her question.

“I am trying to buy a house that is a short sale. It has been 4 months and we have heard nothing. The agent did mention that they are now on the 2nd negotiator and still haven’t heard from the negotiator.

I am getting very frustrated. Is there anything I can do on my end to try to push the process along, or is it all up to the agents? Cathy.”

Get my Free, Step By Step Loan Modification Guide by clicking here.

Here are a few reasons that a lenders will allow a wealthy investor to walk away from an upside down investment property.

Here was our answer to Cathy. Cathy, short sales can take a long time. But, usually the longest they should take is 3-4 months.

If the short sale hasn’t been approved by the end of 4 months, then it probably won’t be approved by the end of 12 months. I remember reading an article online about why the short sale process takes 9-12 months.

The author just broke each part down and justified why the entire process should take that long. I don’t think the author knew what he was talking about.

The Stop Foreclosure Institute has been able to get short sales approved as fast as 1 month. Most have been approved before the end of 3 months.

You mentioned that the agent “still hasn’t heard from the negotiator.” Did they ever think of maybe trying to contact the negotiator? It’s their job to help the seller sell their house and avoid foreclosure.

Calling the negotiator is part of the job. If I was you, I would find another short sale where the listing agent is experienced with short sales and doesn’t wait for the negotiators to call them.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 509-868-5800

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Ryan Bishop.

Ryan is a Real Estate Broker at Windermere Real Estate City Group. Spokane Short Sales Realtor:

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Important Notice

The views expressed here are Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group.

This information on Spokane Short Sales: Why Is The Short Sale Taking So Long? is provided as a courtesy to our viewers to help them make informed decisions.

Spokane Short Sale Q & A: Can This Seller Short Sale?

admin — Tue, 10 May 2011 17:08:31 +0000

Spokane WA – The Stop Foreclosure Institute recently received a question from Aaron. Here was his question.

“I recently purchased another home and make a good living. However, I can’t afford to pay both mortgages.

(The house won’t rent for half of the current payment.) An agent told me that the house is worth about $50K less than the mortgage amount.

Is it realistic for me to try the short sale? The only hardship was created when I decided to move to a larger home to accommodate my family.”

Get my Free, Step By Step Loan Modification Guide by clicking here.

Here was our answer to Aaron’s Question. I think you can short sale. In our experience short sale negotiators do not spend hours going thru every single document in a short sale file.

Most negotiators have 100-200 short sale files on their desk at any given time. One manager in a short sale department said that a negotiator spends less than 2-3 hours on a short sale file.

In our opinion, I think they glance at the hardship letter, if they even read it at all. Their job is to simply make sure the home isn’t being sold too cheap.

Here is one other reason we think that you can short sale. We have heard stories of wealthy people short selling their investment properties.

These people have lots of disposable income, but their lenders are still approving their short sales. Your lender may not work with you until you have missed a payment or two.

Try the short sale before you miss a payment. Whether or not you go late is up to you. If you do decide to short sale, contact us and we will put you in touch with an experienced short sale agent in your area.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 509-868-5800

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Ryan Bishop.

Ryan is a Real Estate Broker at Windermere Real Estate City Group. Spokane Short Sales Realtor:

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Important Notice

The views expressed here are Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group.

This information on Spokane Short Sale Q & A: Can This Seller Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

Spokane Loan Mod Help: Hold Your Lender Accountable When They Reject Your Loan Mod & Lose Money

admin — Thu, 05 May 2011 16:44:20 +0000

Spokane WA – In my opinion, the decision making process most lenders use to approve or deny a loan modification is flawed. It appears that the lenders have one thing in mind when you stop paying.

Get my Free, Step By Step Loan Modification Guide by clicking here.

They want to foreclose as quickly as possible. It appears that they don’t want homeowners to stay in the home. Foreclosure is much simpler and easier. So they just look at it as the main solution.

If a homeowner can’t afford the payments, then the lender should have reducing losses as their main goal. If that was their goal, then they would approve loan modifications that net them more money than a foreclosure would net them.

Instead, the loan mods are approved only when everything is perfect. As a result, you have people that would find a way to make the payment being foreclosed upon.

As an example, let’s say a homeowner could afford a mortgage payment that equals a $200,000 mortgage. But, the borrower doesn’t completely match the lender’s guidelines.

So the lender forecloses on the house. It sells for $140,000. That is $60,000 lower than the $200,000 they would have netted on the loan modification. Ouch!

That is how you can hold your lender accountable. If they reject your loan modification and foreclose, then you should track what your home sells for after foreclosure.

But, how does this help you during loan modification negotiations? Tell the loan mod negotiator that you plan on holding them accountable.

Tell them that you will contact your newspaper and all the large, national newspapers. I’m sure the media would love the story.

The loan mod negotiator knows this is true and will work harder to find a way to approve your loan modification. They don’t want their name in the newspaper.

Thinking about a loan modification? Our Spokane loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 509-868-5800

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Ryan Bishop.

Ryan is a Real Estate Broker at Windermere Real Estate City Group. Spokane Short Sales Realtor:

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Important Notice

The views expressed here are Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group.

This information on Spokane Loan Mod Help: Hold Your Lender Accountable When They Reject Your Loan Mod & Lose Money is provided as a courtesy to our viewers to help them make informed decisions.

Don’t Make This Mistake On Your Spokane Loan Modification

admin — Thu, 05 May 2011 16:39:29 +0000

Spokane WA – If you’re trying to get a loan modification, then you have think like a banker. How you present your finances is the key to success.

You’ve got to show them an income that’s not too high and not too low. If you show them too low of an income, they’re going to go “Oh, this guy can’t afford his house payment.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

If we reduce his payment to $800, he won’t even be able to afford it anyway so what’s the point in reducing it? Before, he thought he could pay $1,200 a month. He can’t even pay the $800 a month that’s he’s asking for today. He’s not making enough money, based on our ratios, to be able to afford it.”

Here’s what happens if your income is too high. Let’s say your payment is only $1,000 a month and you’re making $4,000, $5,000, or $6,000 a month. They will say “What’s up with this? This guy’s making a ton of money. Why are we going to reduce his payment?”

So you’ve got to make sure your income and your budget is in that middle range. Look at your recent income history.

Maybe you can pull the most recent month. If it shows the right numbers use it. Or, pull from a longer period. Use the last three months or the last six months worth of income.

You want to be able to demonstrate that you’re making enough money to afford that payment, but not making so much money that they will charge you more.

Thinking about a loan modification? Our Spokane loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 509-868-5800

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Ryan Bishop.

Ryan is a Real Estate Broker at Windermere Real Estate City Group. Spokane Short Sales Realtor:

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Important Notice

The views expressed here are Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group.

This information on Don’t Make This Mistake On Your Spokane Loan Modification is provided as a courtesy to our viewers to help them make informed decisions.

Spokane Loan Mod Help: How To Reduce Your Payments Without A Loan Modification

admin — Thu, 05 May 2011 03:11:45 +0000

Spokane WA – Getting a loan modification accepted is tough. Many that should have be accepted end up rejected. I recently saw a bank foreclose on a 400k mortgage.

The house sold for 130k! They would have made more money just cutting the homeowner’s payments in half! This kind of stupidity gets on my nerves.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Some people have mentioned a strategy that can help you reduce your payments without a mod. A person with two mortgages just stops paying the 2nd mortgage. I won’t recommend that you try it.

Here is why some people have said this strategy works. Let’s say John owns a house worth 200k. He owes his 1st mortgage 200k, and his 2nd mortgage 50k. John stops paying the 2nd mortgage.

The 2nd mortgage has few options. They can call and threaten to foreclose. A phone call is free and most people get scared and pay up. They run the numbers on foreclosure and decide it is a losing proposition.

The house will sell for 200k and every dime of the 200k goes to the 1st mortgage. The 2nd gets zero. Besides, it costs money to hire a lawyer and pay all the other foreclosure costs. This is why 2^nd mortgages rarely foreclose.

You could say that they are almost an unsecured debt, almost like a credit card. I’ve even heard that you can “strip away” an upside down 2^nd mortgage in bankruptcy.

The bankruptcy judge must determine that your house is worth less than what you owe your 1^st mortgage. They will determine that the 2^nd mortgage is “unsecured” and wipe out the debt and mortgage thru bankruptcy.

Rather than going thru bankruptcy you can just stop paying the 2^nd mortgage and see what happens. In many cases the only collections they will do is to call you and mail you letters.

Thinking about a loan modification? Our Spokane loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 509-868-5800

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Ryan Bishop.

Ryan is a Real Estate Broker at Windermere Real Estate City Group. Spokane Short Sales Realtor:

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Important Notice

The views expressed here are Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group.

This information on Spokane Loan Mod Help: How To Reduce Your Payments Without A Loan Modification is provided as a courtesy to our viewers to help them make informed decisions.

Recommended Steps To Take Before You Strategically Default In Spokane

admin — Mon, 02 May 2011 15:31:35 +0000

Spokane WA – Here are the recommended steps to take before you strategically default. We have consulted a financial expert who recommends these steps before strategically defaulting.

He believes that taking these steps will reduce the likelihood of your lender pursuing you after a short sale or foreclosure. We have to warn you of what could happen if you take these steps.

If you stop paying your credit cards, car loan, or house payment, then you could lose your house, car, and face lawsuits from your creditors. Your credit rating will also suffer.

In addition, you risk being chased down by your credit cards. All of this is risky and no one knows for sure exactly what will happen. So consult legal counsel before you stop paying anything.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Step #1: Miss a payment or two on an unsecured debt. This can be credit cards, medical bills, or signature loans. Make sure you get more than 30 days behind on the payment. If it is less than 30 days, then it won’t report to the credit bureaus.

Whether you should completely stop paying the credit cards is another decision. The expert we consulted said you don’t want to be paying your credit cards and not paying your mortgage.

He said it makes it look too obvious that you are strategically defaulting. That is a decision you will have to make on your own. I have a hard time recommending that people stop paying their credit cards cold turkey.

But, going cold turkey is necessary for a successful strategic default. Maybe you can default and settle with the credit cards after the home is sold or foreclosed.

Step #2: Go more than 30 days late on a car payment or your house payment. Then, catch back up on the payments. Remember, the goal is to look just like everyone else who is defaulting because of a loss in income.

Your credit rating will start to decline after these 2 steps. You are right on track. The financial expert said that high credit scores (700 and higher) are probably the biggest indicator lenders use to track strategic defaults.

Your credit score won’t be high anymore. This is the first thing that will make it look like your aren’t strategically defaulting.

Step #3: Go more than 30 days late on your house payment and then catch up again. Most people who experience a loss of income slowly get behind on different payments. They go past 30 days on their mortgage and then catch it back up.

They finally stop paying altogether a few months later. This leads to the next step.

Step #4: Stop paying your mortgage. You will probably want to stop paying all unsecured debts at the same time.

This will make you look as close as possible to a person who is simply having financial problems and is not strategically defaulting. Thinking about a short sale?

I can help you short sale your property so you can move on with your life. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 509-868-5800

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Spokane loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Ryan Bishop.

Ryan is a Real Estate Broker at Windermere Real Estate City Group. Spokane Short Sales Realtor:

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Important Notice

The views expressed here are Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group.

This information on Recommended Steps To Take Before You Strategically Default In Spokane is provided as a courtesy to our viewers to help them make informed decisions.

Thinking About A Strategic Default in Spokane? FICO May Be Tracking You!

admin — Fri, 29 Apr 2011 15:19:51 +0000

Thinking About A Strategic Default in Spokane? FICO May Be Tracking You!

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Spokane WA – Banks must hate Strategic Defaults. A person who walks away from hundreds of thousands of dollars in debt gets on their nerves.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

It must bug them so bad that Fair Isaac, the founder of the FICO score, came out with a program that tracks strategic defaults. Here is the story according to Inman News:

“Article Title: FICO to walkaways: You’re on our screen

Fair Isaac, developer of the ubiquitous FICO score, has a new warning for homeowners plotting a strategic default or walkaway: We can now spot you in advance. We’ve developed a black-box risk-identification tool that enables lenders and mortgage servicers to tag you months in advance — and then pursue their own strategic measures to intervene.

The tool is so effective, according to FICO, that it can “capture nearly 67 percent of strategic defaulters” who are otherwise unremarkable and undetectable, paying their mortgages on time.

Sound a little spooky? Not for the major lenders who are working with FICO to install the new statistical risk-scoring model, aimed at some of the costliest and most perplexing defaulters in the marketplace: people who just stop paying on their loan abruptly, without ever previously being late, even though they have the income to pay.

Strategic walkaways are a multibillion-dollar headache to banks and investors. A study by researchers at the University of Chicago’s Booth School of Business found that during last September alone, 35 percent of mortgage defaults in the U.S. were strategic — up sharply from 26 percent in March 2009.

With an estimated 23 percent of all residential mortgages underwater as of March of this year, according to data from consulting firm CoreLogic, spotting — and dealing with — walkaways has become a high priority for the biggest banks.

Walkaways are also more than a slight concern to default risk-scoring giants like Fair Isaac and Vantage Score LLC, the joint venture created by the three national credit bureaus: Equifax, Experian and Trans Union.

Both companies have been stunned to find that the very consumers they deemed the least likely to go into default — people with 800-plus FICOs and 900-plus Vantage scores — are statistically more likely to default strategically, with no outward signs of impending payment stoppages, than the lower-scoring masses.

People with low FICO scores still default more often than high scorers, but when high scorers do default, they are far more likely to do so out of the blue. In the lowest score category (300 to 499) more than twice as many people default nonstrategically — they begin missing payments over time, typically because of income declines — than strategically.

These walkaways are especially vexing to score-modeling experts like Andrew Jennings, Fair Isaac’s chief analytic officer and head of FICO Labs. “They open up new credit accounts” before stopping their mortgage payments, he told me in an interview last week. “They prepare.”

They intentionally default on their mortgages in part “because they believe it is in their best financial interest, and because they believe the consequences will be minimal,” Jennings said.

Jennings supervised Fair Isaac’s work in developing a special tool that pinpoints likely strategic defaulters while they’re still cocooning and haven’t yet revealed their intentions to lenders.

Some of the research involved examining massive samples of credit bureau data — 5 percent of all U.S. mortgage accounts — during a recent one-year period, looking for telltale clues, month by month, that would separate out strategic defaulters from ordinary defaulters.

What the project turned up, said Jennings, helped formulate the model that FICO has now created for lenders and servicers.

So what’s in the black box? Obviously the complex statistical model and exactly how it works is proprietary. But Jennings said it looks at a composite of separate risk factors from credit and real estate databases, and enables servicers to identify borrowers whose profiles match those of strategic defaulters most closely.

Some of the key characteristics include:

–How long have the borrowers owned the house? The shorter the time span, the higher the risk.

–Are they good to excellent managers of their household finances and credit relationships? Do they make modest and responsible use of credit cards and other revolving debt? Do they pay their accounts on time as a rule? Do they rarely, if ever, go over the limits on their cards — or even come close?

–Have they departed from their past credit usage patterns in recent months by opening up multiple new accounts?

–Based on local property-value indexes, is it likely that they have slipped into negative equity territory? Remember: How deeply underwater is only a moderately predictive factor. Lots of owners whose properties are worth far less than their mortgage balances do not strategically default, but keep plugging away paying every month, while borrowers who fit the FICO strategic defaulter profile may be only slightly underwater but still walk away abruptly.

By the way, location is not a key factor in the equation. FICO found that 40 percent of all strategic defaulters live in “recourse” states where lenders can — and do — pursue defaulters for any un-recovered debts following a foreclosure.

Of course, the model cannot peer into would-be walkaways’ minds and motivations. “We’re not trying to explain their psyches,” Jennings said, “but you see the patterns” and certain borrowers’ profiles light up like flashing neon signs.

The top bracket of high-risk homeowners identified by FICO’s new model are 110 times more likely to strategically default than other borrowers — even though they otherwise appear to be solid customers, according to Fair Isaac.

Armed with these risk profiles, what are banks and servicers likely to do as they scan their portfolios? Fair Isaac recommends that they intervene early with what it calls “pre-delinquent treatments.”

These include contacting high-risk borrowers to warn them about the consequences of strategic defaults: Their credit scores will tank by 150 points or more, they’ll be hampered or penalized in applications for rentals, employment, car loans or leases, and they can forget about buying another home for at least several years, possibly as long as seven.

If they live in a state that allows deficiency recoveries, servicers will probably emphasize their determination to do so in the event of any default.

Will all this work? Major banks and FICO think it should help. The jury is out at the moment, but if the early detection concept is valid, who knows?

Maybe it will cause some homeowners to think twice and discourage them from taking that first, crucial step: Secretly plotting their walkaway, months in advance.” End of Article.

This has big repercussions for anyone thinking about a strategic default. In my next blog I’ll talk about how this affects you if you and what to do to avoid problems on a strategic default.

Thinking about a short sale?

I can help you short sale your property so you can move on with your life. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 509-868-5800

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Spokane loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Ryan Bishop.

Ryan is a Real Estate Broker at Windermere Real Estate City Group. Spokane Short Sales Realtor:

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Important Notice

The views expressed here are Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group.

This information on Thinking About A Strategic Default in Spokane? FICO May Be Tracking You! is provided as a courtesy to our viewers to help them make informed decisions.

Spokane Short Sales: The Most Effective Way To Stop Debt Collector Harassment

admin — Wed, 27 Apr 2011 19:27:56 +0000

Spokane WA – Debt collectors are infamous for multiple phone calls at all hours of the day. One person told the Stop Foreclosure Institute that he would receive several phone calls the first thing Sunday Morning.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

“They would call my home phone at 8:15AM on Sunday. This was the only day that I had to sleep in and they woke me up. I had 2 other people call me before noon”, he told us.

This is the biggest complaint the Stop Foreclosure Institute has heard about debt collectors. People have told us, “No matter how many times I tell them to stop calling, they still call me.”

Let me give you the inside story. The reason this happens is because most people don’t do anything about it. They just learn to live with the harassing calls and go on with their lives.

Here is what the debt collectors don’t want you to know. Under the Fair Debt Collection Practices Act, a creditor or collection agency that calls you after you request them to stop may be liable for statutory damages up to $1,000 plus any actual damages suffered, plus attorney fees.

So when someone sticks up for themselves, it costs the debt collectors money. In fact, they are so scared of being sued that they all work together to track the people that have sued to collect the $1,000.

Here is the best technique that I have heard of to stop the calls. According to one guy it works great. When a debt collector calls you stop and ask for the person’s name and the company name. Then, say the following.

“Bob, I have documented that you have called me today. I also have documented your company name and the phone number you have called from. Now, let me tell you this.

Under my right in the Fair Debt Collection Practices Act, I am requesting that you stop any and all calls to me. If I get another call from this phone number, then I will be contacting my attorney to help me get the statutory damages laid out in the Fair Debt Collection Practices Act.

In addition, I will call your manager and let them know that you could have saved the company $1,000, but chose not to. I will make sure that they understood who cost the company $1,000. So, don’t call me again.”

The reason this works so well is because you are holding that employee accountable. If they do call you again and have to pay you $1,000 as a result, then that manager will be angry. And it will hurt even more when you tell them that Bob could have saved them from paying it, but was incompetent.

Please try the script and let us know how it works out for you.

If you want a list of 12 common violations and instructions on how to stop the calls, then click here and scroll down to the Right. Click on How To Stop Harassing Debt Collector Calls. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 509-868-5800

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Spokane loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Ryan Bishop.

Ryan is a Real Estate Broker at Windermere Real Estate City Group. Spokane Short Sales Realtor:

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Important Notice

The views expressed here are Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group.

This information on Spokane Short Sales: The Most Effective Way To Stop Debt Collector Harassment is provided as a courtesy to our viewers to help them make informed decisions.

Spokane Short Sales: My home is in foreclosure. How soon will the bank kick me out?

admin — Thu, 21 Apr 2011 21:53:06 +0000

Spokane WA – The Stop Foreclosure Institute recently received a question from another realtor named Sandy. Here is her question.

“An agent in my office currently has a listing under contract. It is a short sale, the sad thing is that Large National Bank (to remain unnamed) notified the sellers that they had foreclosed a month ago.

Fact is, they had not foreclosed. The employee didn’t know what they were talking about. Valuable time and a buyer were lost during this fiasco. This deal is currently awaiting approval. There is no telling what will happen in the end.

My question is this. What can we do to track the foreclosures and see when the bank is foreclosing. Sandy.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to Sandy’s Question. The best way that I have seen to track this is by checking the docket.

The docket is the record at the courthouse of everything that is happening on a foreclosure. In some states the foreclosure is a court case and you can track the case.

The bottom line is that your local courthouse will have the best information. Call them and ask for them to explain it to you.

You will need the homeowner’s name and sometimes the court case number. They will explain where the foreclosure is at and how much longer it will be before it is completed. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 509-868-5800

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Spokane loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Ryan Bishop.

Ryan is a Real Estate Broker (in Washington all agents are now brokers) at Windermere Real Estate City Group. Spokane Short Sales Realtor:

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Important Notice

The views expressed here are Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group.

This information on Spokane Short Sales: My home is in foreclosure. How soon will the bank kick me out? is provided as a courtesy to our viewers to help them make informed decisions.