PETER and HALINA VERZANI
          
Residential Real Estate Sales, Short Sale, Bank Real Estate Owned /Foreclosure / and Bank Price Opinion Specialists. Harris Real Estate University Default School Graduate.

 
We are registered and experienced agents handling foreclosures, short sales and Bank Price Opinions for banks and home financial institutions like Chase Home Finance, former Countrywide, Bank of America, American National Bank, Empire Mortgage, First Community Bank, First Federal Savings Bank and 20 more different lenders, we are also MORTGAGE LOAN MODIFICATIONS specialists.

 
 

To have a copy of this very popular book please fill out the contact form.

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Questions Often Asked:

 
What is a short sale?

  There is more owed on the home than what it will likely sell for on the market due to recently declining values. For instance: you bought a home for $300,000 in 2006.Now homes like yours in open market are selling for $265,000.For various reasons you must sell. You do not have money to come up with the difference /$35,000/ plus closing costs, property taxes, transfer taxes, real estate commission, attorney fees etc. So your Realtor negotiates with bank holding your mortgage note to “forgive” you the difference plus to pay all the expenses and you can sell your home without facing foreclosure.
 
What is better to have foreclosure or short sale?
 
It is better to have a short sale. Your credit score will be damaged by 100 points, which can be easier repaired than a credit history with foreclosure. After 24 months of good payment history on credit accounts you can again qualify for a FHA mortgage.

How long foreclosure will stay on my credit report?
 
Probably 12 years. It would be hard for you to get any credit
or loans in this time period. You will be at risk of getting the highest interest rates even if you get any credit.
 
There are many companies they want to pay cash for homes: We Buy Houses for Cash and buy them quickly, what is your thoughts about this issue?
 
Be cautious. Those companies try to get your home between 30%-40% lower than it is worth. Be aware of many scams going around. They bait homeowners with the promise of rescuing him from the foreclosure. Consumer groups learned than the “rescue” often involved the borrower signing over title of the house to a different person or company and the family ended up being evicted from the home.

What are loan modifications?
 
It is the situation when lender will change terms of the loan from original to help homeowner avoid foreclosure and keep the house.

Common options are:

Homeowner may get more years to pay off the loan, lower the interest rate or forgive part of the loan to lower monthly payments.

All missed payments may be added to the loan amount and increase the monthly payment to cover a larger loan.

Taxes and insurance may be included with monthly mortgage to avoid one-time large bills.

You can outline your own ideas for solutions and in many cases
banks cooperate to avoid foreclosure and you stay in the house.
 
What is better for the bank: foreclosure or short sale?
 
Foreclosure is the worst. When in a short sale a homeowner stays in the home and takes care of it so in foreclosure home is abandoned by homeowner and may be left in a disastrous condition.

And it is up to the bank to hire people to clean it up, repair, maintain it for who knows how long.

I have missed already 2 payments and it doesn’t look that I will be able to make 3rd.What happens if I don’t make third or fourth?
 
At this point the bank will send you Notice of Default and make necessary steps for foreclosure./like preparing court documents and its attorney file it with the court./

How long does the foreclosure process take and is there time to do a sale?

Foreclosure process time depends on states regulations.6 months to a year or even longer.
Skilled and educated in short sales a listing agent will sell and close the property in less than 120 days.
A Realtor will assist you in negotiations with the lender, has the expertise to do a reliable Comparable Market Analysis to determine current fair market value of your property, save any equity left, prevent foreclosure on homeowners credit file.
 
How many payments I have to miss to do a SHORT SALE?
 
None. Since last year most major lenders are accepting short sale offers from sellers who did not miss even one payment.
 
Who pays real estate commission in Short Sale?
 
The bank pays real estate commission along with attorney fees and other closing expenses.
 
How long will the issue of delinquent mortgages exist?
 
According to a leading credit bureau Trans Union LLC “the number of consumers with delinquent mortgages is poised to almost double by the end of next year, hitting its highest level in at least 16 years”

“There are a lot more loans that will be resetting throughout 2009-2011” says Ezra Becker, principal consultant in Trans Union financial-service group, who notes that rising unemployment and depreciating home values are other contributing factors.” There may be an ongoing flow of consumers who may now be able to pay their mortgage but may not be able to a year from now.”

“We are really going to see issues throughout all of 2009,” Mr Becker states.
 
I would like to do a loan modification but my credit history is not good?
 
In a loan modification credit history is not irrelevant but does not mean that much, neither equity or appraisal. You have to have income, though.