Is it Tough to Work with Desert Schools Credit Union on Completing a Short Sale?

Posted by webmaster on Jan 27, 2012 in Uncategorized | 0 comments

Hello, my name is Kevin Kauffman, I'm with Keller Williams and Group 46:10, one of Glendale's main real estate teams specializing in short sales. I am here to talk to you today about Desert Schools Federal Credit Union. I get about 2 or 3 calls a week from folks similar to yourself who have been doing research on Desert Schools Federal Credit Union and whether or not they'll do a short sale with them. I got to inform you, Desert Schools has been tough to work with. Over the years we have now worked with them so many occasions that we've been in a position to construct some relationships there and perceive their process so we can better serve our clients and their members.

Many individuals come to us as a result of they have heard that it's tough to work with Desert Schools Federal Credit Union and you realize what, that could be true for most people. I believe that we understand their process now and we all know tips on how to best set up our clients for success in a short sale with Desert Schools Federal Credit Union.

So, if that is you and you have a loan with Desert Schools Federal Credit Union, and also you need to speak to any individual who has got the expertise, then give us a call. We have handled them multiple times and we're sure that we will help you. We have got an virtually 90% success rate, we have closed over 500 short sales now in the last four years. Again, I'm with Group 46:10, Glendale's leading short sale teams. Give us a call. You'll be able to reach us at 480-449-6642 or simply fill out a form right here on the web site at Group4610shortsale.com. We'll speak to you soon.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.

For more videos on short sales check out Kevin and Fred on the Short Sale Power Hour. Video for Short Sale Specialists.

Is Bankruptcy Worse Than Foreclosure For Your Credit Score?

Posted by webmaster on Jan 27, 2012 in Foreclosure | 0 comments

For anyone who might be thinking of whether to file personal bankruptcy, it's a good idea to think of the long term impact of bankruptcy versus any other way of fixing your credit problem. One of the big issues facing many people today is the threat of foreclosure on their home, compared to bankruptcy. It's not an apples to apples comparison, but here are some issues to consider.

First, foreclosure is another debt, just like a credit card. If you default on your home loan, the lender can take your house, or foreclose on the note. If you are behind on a car loan, the lender will take back your car. Either of these are major bad credit events, and will result in a drop in your credit score.

Bankruptcy however is a situation where multiple debts are either discharged, or wiped away, by a bankruptcy court, or you instead set up a plan to repay. While credit agencies won't specify which is worse or by how much, avoiding multiple debts in bankruptcy means that many creditors were left unpaid. For secured creditors, however, like mortgage companies or car financing companies, they did get back a portion of their loan through repossessing your home or car.

If you aren't sure whether to file bankruptcy or let the bank take your home, there are multiple issues for your to consider. Many times, you can file bankruptcy and lose your home in foreclosure anyway, as a secured mortgage lender can ask the bank to allow them to sell your home and get paid that way. This would happen in Chapter 7 more than Chapter 13 bankruptcies. In Chapter 13 bankruptcies, you will be setting up a repayment schedule, which could help you keep your home and make payments according to the repayment plan you set up with the bankruptcy court. In this case, the bankruptcy court could stop your home fro being sold, if you are making approved payments, thereby avoiding foreclosure.

Whether to file bankruptcy or let your home go to foreclosure will depend on your specific situation, your income, your total debt, and your other expenses. It's best to make an appointment with an attorney to discuss whether a bankruptcy could actually help you save your home and avoid foreclosure. You might decide that your primary concern is to save your home, and not worry about your credit score. You can rebuild your credit score after bankruptcy, but buying a home or saving the one you have is much tougher. Talk with a credit counseling agency or bankruptcy attorney before you decide whether bankruptcy is worse than foreclosure for you and your family.

Do you need to decide right away whether to go through bankruptcy or foreclosure? You can find more about filing personal bankruptcy at BankruptcyHelpOnline.

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Watch Kevin and Fred, Short Sale Specialists, on the Short Sale Power Hour. Video for Short Sale Specialists.

Short Sale Guarantees?

Posted by webmaster on Jan 26, 2012 in Short Sale Arizona - Phoenix - Queen Creek | 0 comments

What are the guarantees in a short sale? I can only really think of one - I can guarantee that this thing won't close in 7 days! Ok, I've got two - I guarantee that if you don't know what you're doing or don't hire someone who does then you are in for a long, wild ride!

Other than those there really aren't any guarantees at all in short sales. A lot of people find this a hard concept to grasp and as dark and foreboding as it may sound it really isn't all that bad.

There is no guarantee that the property will sell BUT there never is. You could put a house up for sale for one dollar and it doesn't mean someone is going to buy it. Most of our deals that we sell we have a contract on them within the first 60 days but our market may be different than yours and we market our properties very heavily. Make sure that your property is properly marketed and distributed to as many buyers as possible. Without a buyer there can never be a short sale!

After the initial purchase contract there is no guarantee that the bank will approve the deal. BUT, your short sale negotiator should do everything in their power to keep the deal alive and negotiate as hard as they can to get the deal to close. It's usually a win-win for everyone involved and sometimes the bank just needs a little nudge and a little confirmation of that fact and you can get the approval that you need.

From a bank's perspective, they don't have to do a short sale. There is no law, nothing in your contract with them, no one holding a gun to their head saying, "YOU MUST DO SHORT SALES IF ASKED!". The bank considers it a privilege that is extended to the borrower and therefore may choose to not offer it as an option. Rarely, however, is it NOT in the bank's best interest and again, as long as the agent can convince the bank to take the deal they usually end up much better off, as does the client.

There is no guarantee that the buyer won't flake out at some point either, BUT when your agent writes up a contract between you as the sellers and a buyer they need to be very careful to protect you as much as they can. There are ways to do this via contract language and we have used it to our client's full advantage. Each state may have different clauses so make sure you ask questions to your short sale agent and make sure they know the answers! These clauses not only protect the sellers but also assures everyone that there is a committed buyer in the short sale transaction.

There are no guarantees with short sales themselves but if you can find the right short sale professional to help you then I can guarantee you have put the odds in your favor of getting through your first (and hopefully only!) short sale transaction.

You can find more information about short sales and foreclosure avoidance options at http://www.AzHomeHelp.com

Sean Bonini is a Real Estate Agent/Broker in Scottsdale Arizona specializing in short sales. He serves as the Managing Director of AzHomeHelp.com which is a company that helps homeowners avoid foreclosure. Sean's up-to-date blog at http://www.PhoenixRealEstate247.com also covers local and national news regarding the real estate & mortgage industries with a focus on helping homeowners in distressed mortgage situations.

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Watch Kevin Kauffman and Fred Weaver of Group 46:10, Short Sale Specialists, on the daily Short Sale Power Hour.

Are You Concerned About Tax Ramifications With Your Short Sale?

Posted by webmaster on Jan 25, 2012 in Uncategorized | 0 comments

Hi, I'm Kevin Kauffman. I'm part of Group 46:10, one of the nation's premiere short sale and real estate teams based right here in Glendale. Are you having trouble making your mortgage payments or are tired of being underwater on your home loan? We at Group 46:10 can offer you different options to alleviate some of these struggles. As one of the best short sale groups in the nation, we've closed over 500 short sales in the prior 4 years and have a closure rate of over 90%.

I am here today to discuss short sales and tax ramifications. One of the issues that we hear quite often from potential customers is that they would like to short sell their home, but are concerned about the taxes they'll have to pay after the sale. Perhaps you have heard from other homeowners that have done short sales that there were some tax liabilities and wish to find out more.

The Mortgage Debt Relief Forgiveness Act, which expires at the end of 2012, permits homeowners, such as yourself, to not pay taxes on the forgiven amount if the property is their primary residence and the selling price is less than $2.5million. If you are thinking about short selling your house, you need to act quickly because the transaction needs to be completed by the end of the year in order to qualify for The Mortgage Debt Relief Forgiveness Act.

Please call us or fill out the form on our website, group4610shortsale.com, to find out more about this act or if you have questions about your specific situation. If you do not qualify for this act, don't let that stop you from short selling your propety. We have a few other ways to avoid paying taxes as well. A practiced short sale specialist, such as myself and my business partner Fred, can discuss those different options with you.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.