Georgia Emmett-Hudleston, GulfBreeze/Pensacola/Pace/Milton Realtor

You can get your life back on track after a short sale. One of the first things you'll want is to start repairing your credit. But, how do you get those pesky collections off your report? I'll show you a couple of techniques here.

Collections can be very easy to remove. The reason is that most collection accounts have been transferred several times. The original lender gave it to a collection agency for 6 months. The collection agency couldn't collect. Then, the original lender gave it to another collection agency. They couldn't collect it either.

So they finally sold it to a debt buyer for three to five cents on the dollar. The debt buyer wrote them a check. But, the paperwork hardly ever gets transferred over properly. Here is the first step.

Dispute it with the credit bureaus. You may not agree that it is your collection. That will take 30-45 days to process. It will often clear up the problem.

Then, dispute it with the debt buyer (or collection agency) noted on your report. You can't dispute with them until you have disputed with the credit bureaus first. Request an investigation. They have 30 days to respond. Most will not have documentation.

They may send you documentation, but, it isn't very specific. If that happens, then ask for specific documentation. I would ask for a copy of a document that is signed by the company that sold them the debt. The document should clearly state all your account information.

It should have the account number, your information and address, and the amount owed. In addition, it should be signed by the president of the company. That is the burden of proof I would request. I doubt they would have something like that.

If the techniques above don't work (that will be rare), then settle the debt. Pay them from five to twenty cents on the dollar. They agree to report to the credit agencies as "paid as settled." You get what you want and they get a little money. Everyone wins.

Do you want to short sale your property and never pay the bank another penny? I can help you do that. Send me an e-mail at georgiamyrealtor@bellsouth.net. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (850) 261-4430.

Discover how other sellers successfully completed a short sale and request a free consultation by calling (850) 261-4430.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Call (850) 261-4430 to request a copy.

Georgia is a Real Estate Professional at Xcellence Realty.

Phone: (850) 261-4430 georgiamyrealtor@bellsouth.net

Georgia Emmett-Hudleston specializes in loan modification assistance and short sales in Pensacola, Milton, and Gulf Breeze, Florida.

If you are upside down, then you might be tempted to walk away. You'll mail your keys to the lender and move out. Before you move out, I have some important information to tell you. You should stay in the house for as long as possible.

In fact, the average length of time you can live for free is 461 days. That number is a statistic I've seen lots of people throw around. I just tried to Google the official source, but it isn't coming up in several searches. I do know that number is true, based on all of the foreclosures I've seen recently.

Many lenders take around 12 months to file foreclosure. Then, the foreclosure process can last 6-12 months, if not longer. Here is the bottom line: Don't move out as soon as you get behind. Stay in the house and save the money you would be spending on rent.

After the lender forecloses you will have to worry about them pursuing you for the money they lost. So, you've decided to walk away, but you want to reduce the side effects? You can avoid a lot of the bad side effects with a short sale.

First off, on 80-90% of all short sales, you won't have to pay any money back. Second, you will be eligible to buy another house in 2-3 years (You have to wait 5-7 years after a foreclosure.) Third, a short sale costs you nothing.

When the home sells, your lender pays us a commission. The lenders know they get more money from a short sale than a foreclosure. This is why most lenders are willing to pay all the other costs associated with the sale. I'll show you how to short sale your property and never pay the bank another penny.

Send me an e-mail at georgiamyrealtor@bellsouth.net. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (850) 261-4430.

Discover how other sellers successfully completed a short sale and request a free consultation by calling (850) 261-4430.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Call (850) 261-4430 to request a copy.

Georgia is a Real Estate Professional at Xcellence Realty.

Phone: (850) 261-4430 georgiamyrealtor@bellsouth.net

Georgia Emmett-Hudleston specializes in loan modification assistance and short sales in Santa Rosa and Escambia counties in Florida.

Gulf Breeze - Many people are embarrassed that they are short selling their house. They feel like they are somehow being dishonest or shady. Neither one of those is true. A lot of the people short selling today never had a blemish in their credit. They lived perfect, responsible financial lives. Then the real estate market crashed and left them owing way more than their home was worth.

For years everyone had told them that couldn't happen. Many of those people also lost their job for the first time in their life. You must remember, you are not alone. We are seeing as many short sales in the upper income brackets as the lower income brackets.

I will not be judgmental when you short sell with me. I deal with people from all walks of life. Some are high income. Others bought less expensive homes. Either way, it doesn't matter to me. I see a short sale as a smart financial decision.

So I won't be judging you. Instead, I'll be congratulating you. Who wants to be burdened with a huge debt for the rest of your life? Not me. And neither should you. Here is why a short sale is a smart financial decision.

Let's say that you are upside down on a house by $100,000. (If you owe less than that, don't laugh. Many people are upside down by that amount and more.) Repaying $100,000 over 30 years, will cost you $215,000. That is the $100,000 originally owed, along with $115,000 in interest payments.

What if instead of doing that, you put that money towards retirement? You could earn 5% interest on that money. $215,000 at 5% is $10,750 a year. Would that be helpful in retirement? That is one small reason I recommend short sales to my customers. You can get the upside down debt forgiven in a short sale. I'll show you how to short sale your property and never pay the bank another penny.

Send me an e-mail to:georgiamyrealtor@bellsouth.net. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (850) 261-4430.

Discover how other sellers successfully completed a short sale and request a free consultation by calling (850) 261-4430.

Thinking about a loan modification? Our Gulf Breeze Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Call (850) 261-4430 to request a copy.

Georgia Emmett-Hudleston is a Real Estate Professional at Xcellence Realty.

Phone: (850) 261-4430 georgiamyrealtor@bellsouth.net

Georgia Emmett-Hudleston specializes in loan modification assistance and short sales in Gulf Breeze Florida. Gulf Breeze Loan Modification Help, Gulf Breeze short sales. Gulf Breeze Short Sale Realtor Short Sale Realtor. Gulf Breeze Short Sales. Gulf Breeze Realtor.

I had a negotiator at one of the largest lenders in the US try to push me around last week. I've spent the last 12 months figuring out all the rules for different loan owners, or insurers. I'm talking about FHA, VA, Fannie Mae, Freddie Mac, and "sliced and diced."

You see, the people who own the loan (Fannie Mae, Freddie Mac, or "Sliced and Diced") make the rules for a Short Sale. The one other common parties that makes the rules are the federal mortgage insurers, FHA, VA, and USDA. I've done a lot of research and figured out all their rules.

80% of all loans are owned or insured by someone other than the company handling them. That means in most cases, Wells Fargo, Bank of America, or JP Morgan Chase are acting on behalf of the actual owner (or insurer) of the loan. This entity makes the rules. That makes getting short sales approved much easier.

This was an FHA loan, which means FHA's guidelines dictate whether or not the short sale is approved. Here's what happened:

FHA puts out a letter called "Mortgagee Letter 2008-43." It details exactly how the lender servicing an FHA loan is supposed to negotiate on a short sale. This letter is 16 pages long and gives them specific directions on what percentage of the appraisal they can accept, how much to pay agents, etc.

Because of a prior experience, I had read through this letter 2-3 times. Bottom line, I know a little bit about FHA's rules for short sales. The problem was the short sale negotiator didn't want to follow the rules!

Instead she made up her own rules!She told me that the buyer and seller had to split the cost of the title insurance. However, page 12 of Mortgage Letter 2008-43, says that they are allowed to pay the standard title insurance costs. In our area, the sale's contracts are written with the seller paying for title insurance.

But, this negotiator didn't want to allow that rule. I had to argue back and forth with her for 2-3 days until she finally relented. This is the problem I have with these lenders.

If your investor gives you specific instructions on how to negotiate a short sale, then follow those instructions! If you are short selling, make sure you agent understands the rules laid out by the owner or insurer of your loan. That way, if a negotiator tries to break the rules, then they can keep them in line.

If a negotiator is lying to them, they can ask for their manager. When they talk to the manager, they will explain how they are breaking the rules. Your agent can even contact the investor or insurer directly and tell them about the problem.

Do you want to short sale your property and never pay the bank another penny? I can help you do that. Call me at (850) 261-4430 for a free consultation. When you call, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can e-mail me at georgiamyrealtor@bellsouth.net.

Discover how other sellers successfully completed a short sale and request a free consultation by calling (850) 261-4430.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Call (850) 261-4430 to request a copy.

Georgia is a Real Estate Professional at Xcellence Realty.

Phone: (850) 261-4430 georgiamyrealtor@bellsouth.net

Georgia Emmett-Hudleston specializes in loan modification assistance and short sales in Santa Rosa and Escambia counties in Florida.

You can dispute negative items on your credit. In some cases, the negative item can go away in 30-60 days. This doesn’t always happen, but it’s nice when it does. This may seem overwhelming at first. But stick with it and you’ll see that it does work. With a little persistence, most items can be removed permanently.

You are considered innocent until proven guilty. That means it is the credit bureaus job to determine if a negative item should stay on your report. Many people have inaccurate information on their reports.

Federal law says that you can dispute anything in your report. We recommend you send a detailed letter by certified mail to the credit bureau. Yes, you can dispute online, but we don’t recommend that. Why? There is no paper trail.

Your letter should have detailed info on your dispute. Put in your name and address. In addition, identify each item you are disputing. Say why you are disputing it and ask them to remove it from your report. File copies of the letter, envelope, and certified mail receipt. You can even mail return receipt requested. Then you have proof they received your letter.

The bureaus have 30 days after they receive a dispute to investigate it. If they can’t verify the negative item, then they must remove it from your record. Credit bureaus issue a lot of requests for verification to lenders every day. The people at the lenders get backed up.

Files get misplaced. Banks and lenders are sold, merged, or go bankrupt. (Everything gets misplaced then) As you can see, not all disputes get a reply. This works to your benefit. If the credit bureau doesn’t get a response, then they have to remove the item.

Everything negative on your report can be disputed, even info that is correct. Do not give too much information to the bureau. We recommend that you mark the item you are disputing. Then state why you are disputing it. Nothing more is needed. If you give them lots of info, they may use that info to verify they item.

One more tip: After mailing a dispute letter, let the issue sit for 45-60 days before disputing it again. If you contact the credit bureau again in the 30 day window, they can automatically extend it for 30 days from that date. That gives the bureau more time to verify the item.

Here are a few reasons you can dispute a negative item:

1. Not my account.

2. Wrong Credit Limit.

3. Wrong Account Number.

4. Wrong date of last activity.

5. The Judge gave the account to my ex in the divorce. Be sure to send them a copy of the divorce decree.

6. I paid on time that month.

This all means that you can get your life back to normal after a short sale. You can get rid of the debt, repair your credit, and get your life back to normal. Do you want to short sale your property and never pay the bank another penny? I can help you do that.

Call me at (850) 261-4430 for a free consultation. When you call, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can e-mail me at georgiamyrealtor@bellsouth.net. Discover how other sellers successfully completed a short sale and request a free consultation by calling (850)261-4430.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Call (850)261-4430 to request a copy.

Georgia is a Real Estate Professional at Xcellence Realty.

Phone: (850) 261-4430. georgiamyrealtor@bellsouth.net.

Georgia Emmett-Hudleston specializes in loan modification assistance and short sales in Santa Rosa and Escambia counties in Florida.