Dwan Bent-Twyford

How to Sell a House When It's Worth Less Than the Mortgage (eBook, PDF)

Options for "Underwater" Homeowners and Investors

• Format: PDF

Produktbeschreibung

Due to the wave of refinancing in recent years, and the fall in home values, in 2009 about 12 million homeowners and investors will be "underwater"--owing more than their property is worth. This book explains all the options for these homeowners who are trapped with houses they want to get free from, people whose property value has dropped so low that they can't sell the property, people whose mortgage payment has adjusted and now they can't afford the property. In addition to offering advice on subject to's, rentals, leases, loan modifications and more...the book will teach America how to short sale their own home.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 224
• Erscheinungstermin: 9. März 2009
• Englisch
• ISBN-13: 9780470455029
• Artikelnr.: 38191504

Autorenporträt

DWAN BENT-TWYFORD, "The Queen of Short Sales," is the country's leading authority on buying and selling "underwater" properties. She runs popular boot camps for real estate investors and is a sought-after public speaker on real estate investing. She is also the coauthor of Short-Sale Pre-Foreclosure Investing, from Wiley. BILL TWYFORD is a successful real estate investor, speaker, author, motivator, and teacher.

Inhaltsangabe

Downloadable Forms vii
Introduction ix
How Did So Many of Us End Up with Underwater Houses ix
What Happened to Real Estate Prices? x
Easy Money Home Loans xiii
When Lending Guidelines
Loosened-The Beginning of Our Current Problems xvii
Meet the Authors xix
Acknowledgments xxii
Part I
Options For "Underwater" Property Owners
Chapter 1 Is Your Home Worth Less Than the Mortgage? 3
How to Estimate the Value of Your Home 4
What Banks Want 6
Introduction to a Short Sale 7
Other Options for Underwater Homeowners 8
Chapter 2 What Happens If I Walk Away from My Property? 11
Stop Making Payments, Move Out, Let the Bank Foreclose 11
Deed in Lieu of Foreclosure 13
How to Protect Yourself 14
Your Losses Don't Stop with Foreclosure 15
Mortgage Forgiveness Debt Relief Act 19
Chapter 3 If You Are in Financial Trouble, Deal with Your Emotions First!
25
The Typical Mindset of People in Distress 25
How It Feels to Be Trapped 31
Putting Your Pride Aside-The First Step to a New Life 34
How to Get Free from Your Property and Get on with Your Life 36
Chapter 4 Aggressive First Steps to Get the Highest Possible Price 39
Try to Sell the Property Yourself before Calling a Real Estate Agent 39
Using a Real Estate Agent 41
What If My House Is Underwater but the Payments Aren't Late? 44
Chapter 5 Try a Loan Modification: Negotiating a Lower Monthly
Payment with Your Lender 47
Loan Modification 48
Forbearance Agreement 52
Chapter 6 Government Programs and Mortgage Relief Organizations 57
Mortgage Relief 58
Financial Relief 61
Part II
Short Sales: How To Sell A House When It's Worth Less Than You Owe
Chapter 7 The Short Sale Solution 65
When a Short Sale Won't Work 67
Short Sale Requirements 68
Short Sales for Investment Properties 71
How to Approach Your Bank 73
How to Ace the Broker's Price Opinion 75
Chapter 8 How to Put Together Your Own Short Sale Package 79
Requirements for Financially Distressed Homeowners 81
Requirements for Solvent Homeowners 84
Putting the Package Together 85
Sample Contract for Sale and Purchase 85
Sample Comparable Sales 86
Sample Pictures of Disrepair 86
Sample Net Sheet 87
Sample Investor Letter 87
Sample Repair List 87
Making Sure Your Package Is Complete 88
Sample Short Sale Package 89
Chapter 9 How to Work with an Ethical Investor to Short Sale a Property 105
What Should an Investor Do for Me? 106
How to Negotiate with Investors 117
Chapter 10 Closing Any Deal-What You Need to Get in Writing 123
Get Everything in Writing from the Bank, Investor, or Real Estate Agent 124
What to Expect from the Closing Agent 126
Check Your Credit after the Deal Is Done 128
Part III
Other Options And Issues For Underwater Homeowners
Chapter 11 If Nothing Else Works, Consider
Bankruptcy 133
Bankruptcy-How to Buy Time 135
Will Bankruptcy Help or Hurt My Credit? 138
Chapter 12 Temporarily Renting Your Home 143
Section 8 Program 160
Chapter 13 Don't Go Broke Trying to Save Your House 165
Don't Go Broke 166
Living with Negative Cash Flow 168
Living with the Emotional Stress 172
Chapter 14 How to Rebuild Your Credit 175
Credit Repair Services 176
Steps to Rebuilding Your Credit 181
Formula for Paying Off Credit Cards 183
Chapter 15 Is There Life after Financial Disaster? 187
How Do I Avoid Disaster Again? 188
Will I Be Able to Invest Again? 190
Sharing Your Experience with Other
Distressed Homeowners 192
Consider Becoming a Real Estate Investor 193
Index 195