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Globe-Democrat.com ArticleQuestion: I can’t make my house payments but I do have the ability to pay back all or part of the negative equity. Also, I don’t want to hurt my credit score but rather want to make sure it’s protected. Is a short sale right for me? Answer: Probably not. In cases where the seller can pay back all or part of the negative equity (usually to the 2nd lien holder) it makes sense for them to work out a repayment plan. The lender will then release the lien and allow the home to close.
Joan Tabash-Curbow Q: If I pay mortgage insurance and default on my loan, wouldn’t that cover the deficiency amount? A: The mortgage insurance is not there for your protection, it protects the mortgage lender. Q: Do I have to have my home approved by my lender prior to offering it for sale as a short sale? A: No. Technically speaking, there is no such thing as being short sale approved. The actual approval only happens with an accepted offer. Q: I just missed a payment and I know I will miss more…how long does the foreclosure process take and is there time to do a short sale? A: The foreclosure process takes differing times depending on the state. In the Midwest area a foreclosure can take over a year. It’s important, however to get the house listed quickly if you know payments are becoming a problem to try and short sale it. Q: Will I have to pay property taxes if I do a short sale? A: Property taxes will always have to be paid as part of any accepted short sale. Whether it’s you or the lender depends on their policies and the specific agreement you reach while negotiating the short sale. Q: Am I wise to list my house now? A: If you are serious selling then now is a good time. With the Buyer Tax Incentives good through April 30, 2010 a lot of the activity will come in the first four months of this year. The more Buyers looking, the better shot you have at selling. Q: What will happen once the tax incentives are done beginning May 1st? A: The government is going to stop buying Mortgage Backed Securities (MBS) which will result in rates increasing. The FHA has made it clear it will start raising lending standards and we’re already seeing that happen. Q: How about the foreclosure market, is it getting better? Are inventory levels decreasing? A: The banks are now releasing their so-called shadow inventory which could encompass 15M more foreclosures nationally. What experts are stating is we’re going to see a double dip in housing. This shadow inventory being released, expiration of the tax incentives the end of April, MBS no longer being bought and interest rates going up will create a second dip in the market in 2010…those properties above FHA limits will see a higher impact of depreciation. Joan Tabash-Curbow is a native St. Louisan with more than 20 years business experience. Her business acumen and strong communication skills allowed her the opportunity to more easily transition into the residential real estate and distressed sales market in 2004. Curbow is co-author of "Should I Short Sale My Home?" Her real estate contact is at Keller Williams Realty, CurbowGetsItDone.com. E-mail her at joancurbow@kw.com Sellers Resources |
Specializing in all facets of helping the client, we also understand and acknowledge the importance of a full comprehension and representation of those Sellers and Buyers looking to manage through a tougher Real Estate Market. Our ability to manage the Short Sales/Pre-Foreclosure Process is critical in a Market where foreclosures are at record highs. Additionally, our expertise and business acumen in contract negotiation and facilitation for both Buyers and Sellers in the conforming Real Estate space allows us to represent and forge relationships at all levels of the buying and selling spectrum.
Whatever your needs, whether buying or selling, we're your TEAM! Well versed in the Central Corridor Area of St. Louis including Kirkwood, Webster Groves, Town & Country, Des Peres, Ladue, Sunset Hills, Crestwood, Affton and all of West and South County, we're from St. Louis and know how to fit your needs to the appropriate neigborhoods, school districts and areas of interest that match your criteria.
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