Dennis Toomey's (dennis2me) Blog

IL – What can you do if you are facing a foreclosure? One of the scariest and worse case scenarios for a homeowner is getting so far behind in your payments that foreclosure is leering around the corner. You feel as though you have let everyone, yourself included, down. You feel embarrassed, eve...

IL – We recently saw something positive on short sales with Bank of America. Bank of America recently sent out an email stating that you can no initiate the short sale process without a buyer. The agent can start the process and get things going before a buyer makes an offer to purchase the prop...

IL – The Stop Foreclosure Insitute recently received a question from Denzel. Here was his question. “I purchased my home in 2007 for 365,000 and put 18,000 down. Today I owe approximately 340000. The mortgage is with Wells Fargo. No Second. The same size home is being sold by the builder brand n...

IL – The Stop Foreclosure Institute recently received a question from David. Here was his question. “My lender ******** Bank verbally told me that my short sale was approved. However, now they are now telling me that Fannie Mae did not approve the sale. They gave me an option to pay $3,000 upfro...

IL – We recently gave a couple of common reasons that short sales fail. Today, we will go thru a few more reasons. (To recap, here were the reasons we put in our previous blog post. Reason #1: The sales price is lower than the lender wants. The lender thinks the home is worth more than it is sel...

IL – Yes, many people think they can negotiate with the lender. But, some of them don’t have the skills necessary to be successful. Here are a few of the things someone needs before they can negotiate a short sale. Click here to discover how other sellers successfully did a short sale and avoide...

IL – You may wonder why a sales contract says the seller pays for certain costs and yet the bank covers the costs. Here is how it works. The sales contract may have a certain clause say: “Seller to pay title and seller’s documentary stamp taxes.” How does the bank pay that cost if it says the se...

IL – The agent you hire to short sale your house should know how to “influence the BPO.” Click here to discover how other sellers successfully did a short sale and avoided foreclosure. The BPO is another agent’s opinion of the value of your home. The bank will willingly sell your home on a short...

IL – It is very helpful in loan modification negotiations to know the fair market value of your home. You can use the value to convince your lender to accept your loan modification offer. As an experienced Short Sale Realtor, I can help you determine the value of your home. Here’s how I do that....

IL – If you are looking to convince your lender to approve your loan modification, then here is a tool you might find useful. Here is a sample calculator you can use to convince your lender to approve your loan modification. Click here to discover how other sellers successfully did a short sale ...