The Kansas City Real Estate Network, the "Most Connected" real estate team in Kansas City. "Real Estate: Beauty Contest or Price War? Win it all with Intelligent Marketing".
Showing posts with label Kansas City Short sale. Show all posts
Showing posts with label Kansas City Short sale. Show all posts

Tuesday, April 10, 2012

My wife and I bought our home in Olathe in 2007. This spring we got a divorce. Recently, I have been laid off from work and can't keep up on the mortgage. I offered to let my ex-wife have the home, but she is not in position to make the mortgage either. I had an appraisal done on the home and found out that my home is worth much less than what I owe on the home. What can I do?

Question: My wife and I bought our home in Olathe in 2007. This spring we got a divorce. Recently, I have been laid off from work and can't keep up on the mortgage. I offered to let my ex-wife have the home, but she is not in position to make the mortgage either. I had an appraisal done on the home and found out that my home is worth much less than what I owe on the home. What can I do?
Jeremy G. from Olathe, Kansas.


Answer: Sorry to hear about your situation, Jeremy. Although I would prepare for a short sale, I would first request a loan modification from your lender. Your lender should offer some options. Mortgage lenders are getting much more aggressive in working out short sales in Kansas. Since time is of the essence, I would also hire a real estate agent who specializes or has experience with short sales immediately. 


Need help, lets talk.



RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Another blog post written by:
The Real Estate Wizard of Kansas City
The Real Estate Wizards of Kansas City

Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.


Monday, February 27, 2012

Overland Park Short Sale Moving Allowance?

Jim W. of Overland Park writes:

Q-“Martin, we’re short selling our home. We’ve come to understand there may be a moving allowance offered by our lender. What are the requirements? Do we apply? Are we eligible?”

A-Yes, as heard as it is to believe, Lenders pay a moving allowance for a clean, well-kept home.

There are several programs that offer a moving allowance. The HAFA (Home Affordable Foreclosure Alternatives) Program offers a moving allowance, based on the criteria outlined by the federal government. (Please see the link below.)

If you meet the guidelines, you could be eligible for $3500 and more, via HAFA.

There are programs offered by the specific lender as well. For example, Bank of America currently offers up to $2500 for participation in their short sale program. Again, you must meet all of the criteria to be eligible for the allowance.

Neither of these programs allows for negotiating the terms of any of the guidelines or conditions.

There are usually taxes owed on the allowance paid. The home owner pays them.

Jim, keep in mind, these allowances must be on all versions of the HUD that are delivered to the Lender. There are other procedural guidelines to meet as well. An experienced short sale Realtor will know how to get full value for you.


RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Another blog post written by:
The Real Estate Wizard of Kansas City
The Real Estate Wizards of Kansas City

Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.