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Do I Qualify For A Short Sale?

The guidelines for a short sale cover homes associated with any of the following conditions: Financial Hardship on the part of the homeowner, Monthly Income Short Falls that limit viable cashflow, or Insolvency, meaning that your available liquid assets are insufficient to make substantial payments on your mortgage.

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What Is A Mortgage Modification?

A mortgage modification is an option available to lenders that allows them to alter interest rates, the official amount of the principal through a reduction in the total owed, or the repayment terms, for example moving from a fixed rate to an adjustable rate. This process can enable homeowners to remain in their homes when they can no longer satisfy their monthly payments.

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Why Would A Lender Modify My Mortgage?

Many lenders have realized that in many cases working with the borrower is easier and less problematic on both ends than entering into the extensive process of home repossession. For this reason, lenders are often willing to create more favorable terms for their borrowers rather than pursue foreclosure, which can cost a company up to half the value of a home in processing fees.

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What Is A Home Affordable Refinance?

If a major financier such as Fannie Mae or Freddie Mac manages your mortgage, you could be eligible for a Home Affordable Refinance. This allows you to refinance your property and lower your payments in many cases.

We Buy Houses Regardless Of Condition.
We Buy Houses Regardless Of Condition.

What Are Handyman Specials?

Distressed properties which require extensive repair are usually referred to as Handyman Specials. They are usually sold at very low prices since the buyer will have to spend much on repair and renovation. It is important you know exactly how much it would cost you to have the property fixed up to estimate your potential profit. You can do so by working with an experienced and professional contractor.

Selling your home can be simple. fast.

What are Fixer Upper Homes?

These distressed properties – as their name suggest – requires fixing up. Investors consider these properties as the perfect choice for flipping since they can be bought for a fraction of their market values. Obviously, you will have to order a thorough home inspection to determine how much it will cost you to repair the property. Once they have been repaired and renovated, they can be sold for considerable profit, which is why many real estate investors consider them gold mines.

Selling your home can be simple. fast.

What do I need to get started with distressed homes investing?

To get you started on your distressed homes investing, you will need to educate yourself about everything there is to know about properties in distress from buying to cashing in on your investment. Of course, you have to understand your success will be greatly dependent on finding the best deals.

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Additional Materials:

Reno, Nevada City Information

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Reno - Let Us Buy Your Damaged Home Fast References

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Information for Reno, Nevada

Nevada, seat (1871) of Washoe county, western Nevada, U.S. Although it is one of Nevada's largest cities, its traditional nickname is 'The Biggest Little City in the World.' The city lies on the Truckee River, near the California border and the Sierra Nevada foothills, amid magnificent and varied scenery.Adjacentto Reno is the city of Sparks. Reno's first settler was C.W. Fuller, who built a toll bridge of logs across the river about 1860. The site was acquired by M.C. Lake in 1863 and was called Lake's Crossing. When the Central Pacific Railroad reached the site in 1868, a land auction was held, and homes were built almost overnight. The town was renamed for Gen. Jesse Lee Reno of Virginia, a Union officer who was killed at the Battle of South Mountain, Maryland, in the American Civil War.The Truckee River flowing through Reno, Nevada. Donald Dondero Until 1900 Reno served primarily as a distribution point, but, after several well-known people were granted divorces or were quickly married there under liberal state laws, the city became famous as a busy divorce and marriage centre. Close to the Sierra Nevada range and Lake Tahoe, Reno is a year-round vacation centre. Not far from the city is a portion of the Humboldt-Toiyabe National Forest, and skiing, hunting, and fishing are available nearby. When gambling was legalized in Nevada (1931), Reno began to attract tourists to its many casinos. There are some small manufacturing plants in the area, and Reno is an important warehousing and distribution centre because of Nevada's Free Port Law, under which merchandise moving in interstate commerce may be stored and assembled in transit free of taxation. Virginia Street, Reno, Nev. MedioImages/Getty Images The University of Nevada (1874) was moved from Elko to Reno in 1885, with the first classes being taught in 1887. The W.M. Keck Museum at the university has exhibits of the area's mining history. Reno is the seat of the Nevada Historical Society. Inc. 1879. Pop. (2000) 184, 202; Reno-Sparks Metro Area, 342, 885; (2010) 225, 221; Reno-Sparks Metro Area, 425, 417.

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Reno - We Buy Houses Regardless Of Condition. Articles

The one reality about today's housing market is that many people have more questions than answers. The following information is intended to help you or someone you know better understand your situation.
Do I Qualify For A Short Sale?

The qualifications for a short sale include any or all of the following:

Financial Hardship - There is a situation causing you to have trouble affording your mortgage.
Monthly Income Shortfall - You have more month than money. A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.


What Is A Mortgage Modification?

A mortgage modification is a process through which your mortgage lender changes any or all of the following:

Your interest rate
Your principal balance (through a reduction)
Your loan terms (example: from an adjustable to a fixed rate)
This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments.


Why Would A Lender Modify My Mortgage?

Lenders have realized that in some cases it is better for them to work with current borrowers to lower payments or possibly improve terms in order to keep homeowners in their properties. The average foreclosure can cost a lender from 35-50% of the value of a property, so keeping borrowers in their homes is a good option for everyone.


What Do I Need To Qualify For A Mortgage Modification?

According to the Making Home Affordable Web site (http://MakingHomeAffordable.gov), you will need the following information for your lender to consider a modification:

Information about your first mortgage, such as your monthly mortgage statement
Information about any second mortgage or home equity line of credit on the house
Account balances and minimum monthly payments due on all of your credit cards
Account balances and monthly payments on all your other debts such as student loans and car loans
Your most recent income tax return
Information about your savings and other assets
Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources
If applicable, it may also be helpful to have a letter describing any circumstances that caused your income reduce or expenses to increase (job loss, divorce, illness, etc.)
How Do I Qualify For A Mortgage Modification?

The first call you make should be to your lender, have the information above ready to discuss with them and call your customer service line to ask them what options you have available. If the person you speak with does not understand what you are asking, you can ask to be referred to one of the following departments (different lenders have different names for these departments):

Loss Mitigation
Mortgage Modification
H.O.P.E.

Prior to contacting your mortgage lender you can quickly complete an eligibility test at http://MakingHomeAffordable.gov. This test will let you know if you are eligible for a modification through the government-sponsored Home Affordability and Stability Program (HASP).

For a list of mortgage lenders and servicers, visit www.HopeNow.com.

What Is A Home Affordable Refinance?

If Fannie Mae or Freddie Mac owns your mortgage, you may be eligible for a Home Affordable Refinance. This will allow you to refinance your home and often lower your payments.

What If I Don't Qualify, Can't Afford My Home, And Owe More Than It's Worth?

You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. Agents with the 'Certified Distressed Property Expert' Designation have undergone extensive training in how to process and negotiate short sales.

A short sale allows you to sell your home for less than what you owe and avoid foreclosure. Speak to your market expert to see if you may qualify.

What Are The Qualifications For A Home Affordable Refinance?

According to the resources released by the government, following are a list of qualifications:

You are the owner occupant of a one- to four-unit home
The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (see Useful Links)
At the time you apply, you are current on your mortgage payments (you haven't been more than 30 days late on your mortgage payment in the last 12 months, or if you have had the loan for less than 12 months, you have never missed a payment)
You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house
You have income sufficient to support the new mortgage payments, and the refinance improves the long-term affordability or stability of your loan.



 


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