Cobb County & Marietta – Horner Baker Partners recently received a question from James. “My loan was just sold. I was making payments to CitiFinancial and they sold it to Nationstar. Is that good or bad?” James asked.

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

Here is the answer. It’s neither good nor bad. In fact, I don’t think your loan was sold. You see, most loans were packaged up and sold to Fannie Mae, Freddie Mac, or Wall Street.

James’s loan was more than likely packaged up and sold off. I asked him who his original lender was. He said it was a company called First Magnus. (First Magnus declared bankruptcy in 2007 and was afterwards closed.)

Horner Baker Partners has negotiated short sales on loans that were originally with First Magnus. The last one was sold to a large Wall Street Firm and securitized.

That means James’s loan could be owned by anyone. More than likely it is owned by Fannie Mae or Freddie Mac. If not, then it was probably sol ...

What Constitutes A Hardship On A Cobb County & Marietta Short Sale?

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Cobb County & Marietta – Many people think a hardship is mainly based on financial matters and that is not necessarily the case.

Anything that makes it difficult for you to keep on making a mortgage payment might qualify to be a hardship.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

One thing that the bank doesn’t want to see is a homeowner who seems to be looking for a way out simply because the home is not worth the amount the owner paid for it.

Being upside-down is one of the qualifications for a short sale but a bank may not grant a short sale solely on that basis.

If your life looks unchanged since you took the loan, the bank might say you can afford to stay in your home at your present payment level. If your situation has changed, here are some examples that may qualify for a hardship:

1. Unemployment.

2. Reduced income. Furlough ...

North Metro Atlanta – This is another short sale myth we've seen tossed around. Some people in the media even suggested that banks were delaying foreclosures to delay losses being recorded on their books.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is what I think is the real reason: The bank departments that handle foreclosure are understaffed.

After all, foreclosures increased hugely since the housing crisis started. The banks have tried desperately to hire on more staff.

But, it takes time to hire and train people when the banks are handling a huge increase in delinquent loans. Besides, there is little accountability.

Do you think a Fannie Mae Bureaucrat cares if a foreclosed home isn't put on the market right away? It's all play money when it's not your money.

Another factor in this is that most loans are not owned by the banks in question. For example, Bank of America only owns 80% of the mortgages they receive payme ...

North Metro Atlanta – The agent you hire to short sale your house should know how to “influence the BPO.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The BPO is another agent’s opinion of the value of your home. The bank will willingly sell your home on a short sale if they think the home is selling for close to its fair market value.

The BPO is what they use to determine the fair market value. But, most agents that provide BPOs to banks do a lot of them. They may not spend an adequate amount of time evaluating your home and the value.

Some of them turn in 100-200 valuations a month and not every one is accurate. That is why it is important that your agent make saure they understand what your home is worth.

They should meet the agent at your home and explain what the home is worth. That is called “influencing the BPO.”

An hour spent influencing a BPO will save countless hours later escalating a file or negotiating more offers ...

North Metro Atlanta – It is very helpful in loan modification negotiations to know the fair market value of your home. You can use the value to convince your lender to accept your loan modification offer.

As an experienced Short Sale Realtor, I can help you determine the value of your home. Here’s how I do that.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

First, I will look at all of the homes similar to yours that have sold in the last 6 months. I will pick out the 3 homes that are most similar to yours.

Here are a few things that will cause me to pick one home versus another: Home has very similar features, number of bedrooms, and number of bathrooms. I also prefer to use bank owned and short sale properties.

Yes, it is true that bank owned properties usually sell for less than non bank owned homes. But, if your lender denies your loan modification or short sale and chooses to foreclose, then they will be selling the house as a ...