PR Log - Jun 27, 2012 - Las Vegas short sale agent, Tania Michaels of Focus Commercial Group, has closed another short sale involving two lenders, Seterus and one other, on a non-government sponsored short sale.
“The owner of this house was referred to us,” says Michaels. “They were looking for some big picture real estate investment counsel as a well as a credible short sale REALTOR® in Las Vegas.”
In a short sale transaction, the lien holder accepts the selling price of the home, even if that amount is less than (“short” of) the borrower’s mortgage balance. This option is less harmful to a homeowner’s credit score, does not challenge employment or security clearance, and allows the seller to be eligible for Fannie Mae or Freddie Mac backed loans sooner than if they had gone through a foreclosure.
Government short sale programs, like HAFA and HUD’s Preforeclosure sale program, provide incentives to lenders to waive their right to pursue the borrower for the remaining balance of the mortgage. When a homeowner does not qualify for a government short sale program, the negotiations can get complicated.
“For one reason or another, not everyone qualifies for a government short sale program,” says Michaels. “Moreover, some lenders don’t participate in programs like HAFA . When that happens, it’s vital that the homeowner have an experienced and educated advocate because it’s going to be a tough negotiation.”
Second mortgage holders have been known to hold short sales hostage. Under Nevada law, if there is not enough equity in the property when it forecloses, second lien holders are not paid. When a short sale request comes in, some second lien holders see that as an opportunity to command an above market payoff which can ultimately kill the sale.
Michaels says she made her client aware of the rough ride that was ahead of them. “Short sales are very serious business. When you stop making the payment on your loan, the bank becomes a debt collector. In this case, we had two mortgages with two different banks, and one investor who had been taken over by the federal government…yeah, this file was not for the faint at heart.”
The short sale was closed in 4.53 months and Michaels obtained for her client a written agreement from both banks that they would not pursue for a deficiency judgment.
“When a home is represented by a skilled short sale agent the process can go relatively smooth. As an advocate for my clients, I think experience, competence, being educated and having a thorough understanding of the options available to a homeowner can help ensure a speedy, successful sale,” says Michaels.
Michaels has developed a free report on the dignified solutions available as an alternative to foreclosure. The report titled, " 10 Ways to Alleviate the Stress of an Unaffordable Mortgage Payment" can be found here. Michaels says her clients find strength in the knowledge that they are able to take an active role in avoiding foreclosure.
Tania Michaels is a REALTOR® and a CDPE® agent in Las Vegas. The CDPE® designation from Charfen Institute arms real estate agents with tools, processes and education to help homeowners who are in default.
ABOUT
Tania Michaels is a multilingual, multifaceted, award-winning 16-year real estate professional in Las Vegas. Specializing in seller representation (including short sale negotiations) and land acquisitions, Las Vegas homeowners, apartment owners, and investors may benefit from her experience with in the residential and land sector which allows her to offer insight from the vantage point of an all-around insider.
If you have an interest in selling your Las Vegas property, Tania Michaels can be reached through her website at http://michaelsrealestate.com (http://michaelsrealestate.com/faq/request-a-callback/)
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“The owner of this house was referred to us,” says Michaels. “They were looking for some big picture real estate investment counsel as a well as a credible short sale REALTOR® in Las Vegas.”
In a short sale transaction, the lien holder accepts the selling price of the home, even if that amount is less than (“short” of) the borrower’s mortgage balance. This option is less harmful to a homeowner’s credit score, does not challenge employment or security clearance, and allows the seller to be eligible for Fannie Mae or Freddie Mac backed loans sooner than if they had gone through a foreclosure.
Government short sale programs, like HAFA and HUD’s Preforeclosure sale program, provide incentives to lenders to waive their right to pursue the borrower for the remaining balance of the mortgage. When a homeowner does not qualify for a government short sale program, the negotiations can get complicated.
“For one reason or another, not everyone qualifies for a government short sale program,” says Michaels. “Moreover, some lenders don’t participate in programs like HAFA . When that happens, it’s vital that the homeowner have an experienced and educated advocate because it’s going to be a tough negotiation.”
Second mortgage holders have been known to hold short sales hostage. Under Nevada law, if there is not enough equity in the property when it forecloses, second lien holders are not paid. When a short sale request comes in, some second lien holders see that as an opportunity to command an above market payoff which can ultimately kill the sale.
Michaels says she made her client aware of the rough ride that was ahead of them. “Short sales are very serious business. When you stop making the payment on your loan, the bank becomes a debt collector. In this case, we had two mortgages with two different banks, and one investor who had been taken over by the federal government…yeah, this file was not for the faint at heart.”
The short sale was closed in 4.53 months and Michaels obtained for her client a written agreement from both banks that they would not pursue for a deficiency judgment.
“When a home is represented by a skilled short sale agent the process can go relatively smooth. As an advocate for my clients, I think experience, competence, being educated and having a thorough understanding of the options available to a homeowner can help ensure a speedy, successful sale,” says Michaels.
Michaels has developed a free report on the dignified solutions available as an alternative to foreclosure. The report titled, " 10 Ways to Alleviate the Stress of an Unaffordable Mortgage Payment" can be found here. Michaels says her clients find strength in the knowledge that they are able to take an active role in avoiding foreclosure.
Tania Michaels is a REALTOR® and a CDPE® agent in Las Vegas. The CDPE® designation from Charfen Institute arms real estate agents with tools, processes and education to help homeowners who are in default.
ABOUT
Tania Michaels is a multilingual, multifaceted, award-winning 16-year real estate professional in Las Vegas. Specializing in seller representation (including short sale negotiations) and land acquisitions, Las Vegas homeowners, apartment owners, and investors may benefit from her experience with in the residential and land sector which allows her to offer insight from the vantage point of an all-around insider.
If you have an interest in selling your Las Vegas property, Tania Michaels can be reached through her website at http://michaelsrealestate.com (http://michaelsrealestate.com/faq/request-a-callback/)
Read Full Story - Las Vegas Short Sale Agent closes Seterus Short Sale | More news from this source
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