If you have found yourself in desperate times and possibly upside down in your mortgage, your best option might be the short sale to sale your home.

A short sale is when the lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history. Additionally, a short sale is typically faster and less expensive than a foreclosure.

In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. Lenders have a department called a loss mitigation department which processes potential short sale transactions. Typically, lenders do not accept short sale offers or requests for short sales until a Notice of Default has been issued or recorded with the locality where the property is located.

The Mortgage Forgiveness Debt Relief Act of 2007

When the lender decides to forgive all or a portion of your debt and accept less, the forgiven amount is considered as an income for the borrower and is liable to be taxed. However, after the signing of The Mortgage Forgiveness Debt Relief Act of 2007 by President Bush, amendments have been made to remove such tax liability and allow the borrower and lender to work freely together and find a common solution that is beneficial to both the parties.

We want to give home owners facing foreclosure the opportunity to save their home. We have found that 99% of the families in foreclosure want to keep their home. They have no interest in selling their home and they certainly don't want the sheriff showing up with an eviction crew to kick them out.

Most families in foreclosure can afford their home, but the lenders make it virtually impossible for them to catch up. After adding late fees and legal fees to their missed payments, home owners find themselves too far behind. Many of these families have plenty of equity that could have been used, but they don't know how to get a loan and they don't know who they can trust.

That is where we come in to help. We work exclusively with some of the largest nationwide lenders in the country. We give our clients access to more mortgage providers than anyone else in the industry. Regardless of the borrower's credit, if they have the income to pay for the property and enough equity in the home, they may be able to get approved for a new home loan. We take pride in making sure our clients are in situations that are affordable to them, decreasing the risk of defaulting on the loan at a future time.

For families that don't qualify for a refinance, there may be many other options to save their home from foreclosure:

Lender Mitigation
This includes options like a forbearance agreement, loan modification, or customized repayment plan.

Payoff modification/Short Sale
By offering lenders a lower payoff amount, you may be able to create additional equity in a property that will make the property more attractive for investors and improve the chances of a refinance or equity loan.

Private Lender Access
Our association with private investors allows us to provide foreclosure victims with resources to locate options to lower their monthly payments, reduce their payoff amount, and improve their credit. Private investors can even help after the sheriff's sale and after the redemption period.

There are many more options that you may still have available to save your home.

Contact us now to discuss you options. 253-315-5580 or email jason@mynwagent.com
Visit our website at www.mynwagent.com

Stopping Foreclosure Now! Save your home and/or your credit. Here is some basic info about Foreclosures. Read this and then call us ASAP. We deal with homes in the entire Puget Sound area. 253-315-5580

Ways to Stop Foreclosures...

Home owners who are facing foreclosure often dread dealing with the facts that got them to that place. If you think back to when you first bought that home, losing the home was probably the furthest thing from your mind. Few home owners actually plan to go into foreclosure. Reasons For Pending Foreclosure...

Job loss / unexpected unemployment
Sudden illness or medical emergency
Death in the family
Divorce / loss of second income
Excessive debt obligations
Job demotion or promotion denials
Inability to pay an adjustable interest rate that increases
Unexpected major home maintenance expense

Here are some ways to avoid Foreclosure that I can help you with...

The best way to avoid foreclosure is to prevent the filing of a Notice of Default. You must act quick to avoid this. Call us as soon as you are in trouble or know trouble may be coming.

1) Time to make up your payments.
Lenders might agree to wait before taking legal action against you and let you work out a repayment plan that is affordable for you. This is called forbearance.

2) Changing the terms of your loan or refinance into a lower payment loan.
If your mortgage is an adjustable loan, the lender might freeze the interest rate before it increases or change the interest rate to a more manageable rate for you. A lender might also extend the amortization period. This is called a note modification. The other option may be to refinance into a lower rated fixed loan.

3) Sell Your Home.
Interview real estate agents to get an opinion of market value and average DOM to sell your home. You might be tempted to hire a discount broker, but many sellers feel they need the exposure and marketing that full-service brokers offer. Compare both to determine which best meets your needs and time frame.

4) Consider a Short Sale.
If your home is worth less than the amount you owe, you might be a candidate for a short sale. A short sale affects credit but it's not as bad as a foreclosure. You or your agent will need to negotiate with your lender to find out if the lender will cooperate on a short sale. This is called a pre-foreclosure redeemed.

We can assist you in many ways and will make sure the situation benefits you to the fullest, but you need to call now. The longer you wait, the worse it will get. Call 253-315-5580 or email us jason@mynwagent.com or visit my website at www.mynwagent.com

I recently was questioned from a new Real Estate agent and thought she had some good questions that I answered......

1. What are the communication skills and personal qualities a person needs to be a successful Real Estate Agent?

Answer- I believe communication is very important. You must be able to communicate and make sure your client understands everything about the transaction. Personal qualities are different for every client, but I think one needs to be enjoyable (because you will spend a lot of time with them), business smart (getting them the best deal), and a problem solver (problems always arise in Real Estate).

2. Should one be a clear and concise speaker?

Answer- It helps to very clear and concise. Too much confusion will not help the client.

3. Many people are more apt to purchase things from people they feel are trust worthy, In your experience, what have you done for clients to prove to them that you are trust worthy?

Answer- Most of my clients come from referrals, which are normally the most trustworthy. For clients I am meeting the first time, I must just thoroughly explain the buying process and slowly build trust with them. Over time, they will learn to trust me.

4. They say that you only have one chance to make a first impression, do you think that appearance matters in the sale of Real Estate?
a. Do you think people will buy from someone who is knowledgeable, or someone who looks aesthetically appealing?

Answer- Most people prefer both, but I believe the most important part is knowledge, because in the end, the client wants the best deal and just because you are attractive, does not mean you will benefit their financial move.

5. What do you do to keep yourself knowledgeable about the industry and its ever changing rules and ways of doing things? what would you recommend for a new agent to do when first starting out in order to be more knowledgeable and familiar with the Real Estate industry?

Answer- Washington state requires continuing education for agents, which is one way. The others are to challenge yourself daily to learn and absorb as much info as possible. Having a successful mentor would be the fastest way to learn the industry.

6. In your experience do you prefer to keep business at the office and your home life at home? or do you find it appropriate to mix the the two? Where is an appropriate level of professionalism?

Answer- Real Estate and home life are hard to separate. I use a home office because you need to have access to all of your files all of the time. Most of my work is done at home and a good Real Estate agent is available at all times of the day!

7. How do you get and keep your name out there? How do you do your marketing? When you first began in the Real Estate industry, how did you market yourself, and how did you differentiate your self from other agents?

As mentioned, most of my business comes from referrals. I also do a lot of Internet advertising on websites such as Craig's List and blogging on sites like Active Rain. I don't think differentiating is the key. I believe sticking with it, thoroughly helping clients and being aggressive will get the job done.

8. In your experience are there any "tricks-of-the-trade"? any special extras that you do at a showing or open houses that make the client more comfortable, and feel more compelled to purchase the property? i.e. someone said that baking pies in the open house makes the clients feel more relaxed and feel more "at home".
also Staging a house, seems to make the property more "home-ie" and helps the homes to sell quicker and for a higher price sometimes.

Answer- The most important part of an Open House is appeal. Making sure the home is ready to show. One little tip... I always enjoy baking cookies because of the smell and people enjoy eating them. The problem is that I end up eating too many! Staging is very important. Many people cannot visualize well, so you must stage the home properly for the type of home you are selling.

Please let me know if you need any more help.

Sincerely,
Jason Schweiger

Real Estate Professional ~ Real Estate and Mortgage loans.
253-315-5580 (cell)
253-270-2667 (fax)
http://activerain.com/blogs/mynorthwestagent(Blog)
http://www.mynwagent.com/ (Website)
Helping buyers & sellers in the entire Puget Sound region achieve their goals!

"Ardell DellaLoggia is demanding and always pushing." And those are good things!

Ardell has helped Brio Realty become a very exciting place to be an agent. Where else could you get the assistance, respect, and help of the finest Broker in the Seattle-Bellevue area? Ardell is always requesting us agents to write blogs, attend seminars, and other things that will help us all in the long run. I feel she wants to make us all succeed and if she does not motivate you...then nobody can!

Her current concern is our sour market condition or at least that is what other agents are calling it. I am seeing many opportunities right now and have been very busy. It takes some thinking outside of the box. There are so many opportunities to make money right now. Here are just a few options....

1) Foreclosures and short sales. There are so many different angles to take on these properties, it would take another blog to write them all.

2) Lease-options. With the rise of foreclosures and people moving, lease options are a good alternative for many now. As an agent, you would receive a minimal commission now and a full commission later. (Something for the future.)

3) Low mortgage rates. With the low interest rates and Federal programs, you should be pushing anyone on the fence to take advantage now!

4) Refinances. One of my main focuses has been refinances lately. Of course, I am a Real Estate agent and a loan originator. I realize all of you may not be, but it may be worth looking into.

If you are an agent with Brio Realty, you should have no trouble finding ways to prosper, with the so many good agents and people around us. Here are some of those great people....

Brio Realty. The Bellevue Washington Real Estate company that is above the rest!

Have a prosperous 2008!

Here is a sample Hardship letter. Feel free to use as a tool for creating a similar type of document.....

(Date)

RE: Hardship Letter - Short Sale for (property address)

Loan #

Dear Countrywide:

We purchased our home at (Address) in (date) for the price of $(0). At the time, we were happily married and our jobs supported our home. Towards (date), we had gone through some major relationship challenges and the only option for us was to separate and we did that in (date). We are currently in the process of getting divorced. Unfortunately, with our separation, we could not afford this home anymore and had to vacate the home.

We tried to sell this home for the amounts needed to cover our closing costs and loans that we owed to you, which was $(price). This produced no showings and was obviously way over the market price. I am now working with a real estate agent, who has advised us that this market has declined since we purchased the home. Our Real Estate agent, (Jason Schweiger), has advised us that the fair market value for our home is near $(price). Since listing at $(price), we have have seen two offers. One at $(price) and another at $(price). We have accepted the higher offer, contingent to your approval of a short sale.

We really love this house, but we know that we cannot afford it. We are currently behind in our payments and have moved into separate, less expensive residences. We want to sell the home, avoid foreclosure and salvage our credit. We know that a foreclosure on our record will affect us for years to come. We would ask that you please assist us in avoiding this.

Please review and accept the current offer from our Real Estate agent. My attorney has advised us to file bankruptcy, but we prefer to avoid further destruction of our credit. We just want to move on and start over.

We deeply appreciate your help and understanding in this matter and we had no idea that we would get separated or that the Real Estate market would go down so much. If you have any questions, or need anything further from, please contact my agent or us personally.

Sincerely, (name)

(Sign)

Rate are down to 5.625, as of 12/04/2007, for a 30 year fixed conforming mortgage. What are you waiting for? These are the lowest rates I have seen in awhile. With the softness in the market and the low rate scenario, buyers should be looking to purchase now. If you already own a home and are not buying, you should at least refinance and lower your payment. Take advantage of the softness in mortgage rates today.

I am a Real Estate agent and mortgage broker for Kent, Auburn, Federal Way, Renton, Seattle, Bellevue, Washington area. Call for all Real Estate needs (253) 315-5580 or toll free 1 (877) 566-1313 or visit my site at www.mynwagent.com

How to Take Advantage of Lower Mortgage Rates. The Fed has lowered again and you should take advantage of it!

Fixed Rate Mortgages

The reduction in interest rates by the Federal Reserve doesn't necessarily result in drastically lower rates for fixed-rate mortgages. This is because bond rates, not the fed rate, drive fixed mortgage rates. However, rates are currently at one of the lowest levels in years and you should take advantage of them now. Call me at 253-315-5580.

You've probably heard that it only makes sense to refinance your mortgage if the new interest rate is at least two percentage points lower than your current rate. Forget this piece of advice. It doesn't apply in today's financial markets where there are many options for financing your home, including fixed mortgages with terms of 15, 20, or 30 years; five- and seven-year balloon loans; and a wide variety of Adjustable Rate Mortgages (ARMs). Even if you can't lower your monthly payment by refinancing, it might make sense if you can give up the insecurity of an ARM for a fixed rate.

Adjustable Rate Mortgages (ARMs)

Adjustable mortgage rates are affected more by changes in the fed rate because these types of loans follow short-term interest rates, such as Treasury bill rates, which follow the fed rate.

When does an ARM make sense? If you're planning to stay in a home for only a few years and you can get an ARM for significantly less than a fixed rate mortgage, you may come out ahead by going for the ARM. Adjustable rate mortgages are also popular with people who may have difficulty qualifying for a loan at higher fixed interest rates. The lower ARM rate lowers their monthly payment, making it easier for them to qualify for the loan.

If, on the other hand, you already have an ARM and you plan to stay in your house for the long-term, consider locking in at today's attractive fixed mortgage rates.

Home Equity Loans

Home equity loan rates follow the prime rate, so they are directly affected by the Fed's interest rate increases and decreases, although they are always higher than regular mortgage rates.

When interest rates are low, it's an excellent time to take out a home equity loan (but not necessarily a home equity line of credit, which works differently, and only if you use it wisely).

Making the Decision to Refinance

If you decide to refinance, contact us and we can shop several lenders to help you find the best rate and terms for you specific situation. Rates are low and you should not hesitate to investigate whether you can save money by refinancing.

Jason Schweiger MTG Finance 253-315-5580 or visit my site

Here is some local data information for our area in Kent, Washington. This information compares the data vs. King County, Washington, and the entire United States. It provides a good look at home prices, vacancy rates, owner occupied, and more. Please take a look and see how we rate vs. your area.

I want to thank you for your interest in our program. Ideally, for this program, we are looking for people that have had some past credit issues due to an unfortunate circumstance (medical, divorce, identity theft, etc.) and are trying to rebuild their credit to purchase a home. Or individuals not positive about a move to this area and were thinking about renting before buying. Below is some more information on our program. Please review this material and let us know if you would like to pursue this further.

Here are the basics of the program....
1) We need to determine what your house needs are and what area you would like to live in and begin actively searching homes for sale that fit your criteria (unless you have already located a home for sale that you would like to lease option).
2) We determine what the payment would be to purchase the home and discuss that with you.
3) We pursue the home and negotiate the best price possible on that home with the seller.
4) We execute the lease option and you move-in.
5) At a pre-determined date, you would agree to purchase the home from us.

Here are the main qualifications...
1) The desire to own home with the idea that it may not work for you to purchase right now.
2) The ability to make the monthly payments.
3) The ability to put down an amount equivalent to a first/last/deposit (approx 4,500 based on a 250,000 house)

Here are some of the benefits....
1) The ability to choose what house you move into.
2) The ability to know you are in a house that you can call home.
3) The ability to invest money into the property and know that you won't lose it to the landlord when you move out.
4) Tax benefits for your tax return (We pass on the write-offs to you for the IRS which will give you money back at the end of the year).
5) Price appreciation in your home and built in equity when we transfer into your name (You will need to be able to qualify for your own loan at that time...1-2 years).

Please let us know if this may be ideal for you......Jason Schweiger 253-315-5580
E-mail jason@mynwagent.com Website http://www.mynwagent.com

Investors---We are always looking for investors to team up with us on this or other programs we have. Contact us for more info.