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Question from homeowner: I want to avoid foreclosure, but my lender won’t let me

Avoiding real estate foreclosure with a Kansas City Short Sale

Kansas City Short sales

Overland Park KS – The Stop Foreclosure Institute recently received a question from Arman. Here is his question.

I am a Seller trying to avoid foreclosure. My agent has a buyer and his offer is with the lender from last seven months. Now the lender told us that Fannie Mae investor refused the short sale offer and the house is going to foreclosure early next week.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

The lender’s own appraisal shows the house is worth $120K. The offer we have is for $150K. I told the lender that it is unlikely they will receive and offer for 150k after the foreclosure. She replied and said, “We or some of our investors will buy it”!!!

I don’t want a foreclose on my record. Is there anything I can do to stop the foreclosure? Thanks a lot for your help. Arman.

Arman gave me a bunch more details. I will relate them here and then tell you what I recommend that he do. He told me the loan is owned by Fannie Mae, and a third party lender is “servicing” the loan for them.

Here was my recommendation to him. I have negotiated lots of short sales. The only reason a lender should turn down a short sale is when their numbers (from an actuarial viewpoint) show that they will reduce their losses with a foreclosure.

That has always been the case on any short sale I have ever negotiated. (Or I should say most of them. Some have been rejected for other reasons, but they are almost always monetary reasons.)

Here is what I would do if I was you.

Step #1: Call up IBM and demand a written letter explaining why they are declining the short sale offer.

Step #2: Write down what you project your damages are going to be if the property is foreclosed upon instead of sold as a short sale.

Step #3: Call up the company handling the loan for Fannie Mae. (Remember, they are not your lender. They are paid by Fannie Mae to do their job in a competent manner.) Tell them if they reject the short sale for no reason and the house is foreclosed, then you will be suing them for those specific damages you drew up in Step #2.

I will go into more details about potential damages and the basis for a lawsuit in my next couple of blog posts.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at kcflash@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 913-339-0630.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Overland Park Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Ken Flaspohler.

Ken is a Real Estate Broker at REMAX Best Associates.

Phone: 913-339-0630. kcflash@gmail.com.

View My homes for sale at www.kansascityhomes4u.com.

Ken Flaspohler specializes in loan modification assistance and short sales in Kansas City Missouri. Kansas City Loan Modification Help, Kansas City short sales. Kansas City Short Sale Realtor Short Sale Realty. Overland Park KS Short Sales. Overland Park Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Ken Flaspohler’s personal views and do not reflect the views of REMAX Best Associates. This information on Question from homeowner: I want to avoid foreclosure, but my lender won’t let me is provided as a courtesy to our viewers to help them make informed decisions.

Kansas City Short Sales: High property taxes are forcing some people into foreclosure

Overland Park KS – I just saw the second of two articles about homeowners losing their home or property because of high property taxes. Most of the stories were based in the Northeast, where the property taxes are much more expensive.

In one story, http://www.wbaltv.com/r/25677444/detail.html, a Maryland Woman is going on a hunger strike to bring attention to the situation.

The story makes it sound like high property taxes caused her mortgage payment to go up by 40%. That is a huge jump in property taxes. I have seen some people’s property taxes jump by $200 to $400 myself.

In another story, a lady in Connecticut lost some property next to her house after a drawn out tax dispute. Here is the link to the news report: http://www.youtube.com/watch?v=hFQzxY2Mlxo. The new owner of the land put up a chain blocking the driveway that she uses to access her property.

You would think that in a time of economic trouble, the cities and counties would be lowering our property taxes not raising them!

Most American’s income has gone down, not up. But, that doesn’t stop the cities and counties from raising property tax rates.

If Kansas City repeals the earnings tax and real estate tax es soer for residents could we see this same thing occur locally?

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at kcflash@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 913-339-0630.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Overland Park Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Ken Flaspohler.

Ken is a Real Estate Broker at REMAX Best Associates.

Phone: 913-339-0630. kcflash@gmail.com.

View My homes for sale at www.kansascityhomes4u.com.

Ken Flaspohler specializes in loan modification assistance and short sales in Kansas City Missouri. Kansas City Loan Modification Help, Kansas City short sales. Kansas City Short Sale Realtor Short Sale Realty. Overland Park KS Short Sales. Overland Park Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Ken Flaspohler’s personal views and do not reflect the views of REMAX Best Associates. This information on Overland Park Short Sales: High property taxes are forcing some people into foreclosure is provided as a courtesy to our viewers to help them make informed decisions.

Question from homeowner: My lender just sold my loan. Is that a good thing?

Overland Park KS – The Stop Foreclosure Institute recently received a question from James. “My loan was just sold. I was making payments to CitiFinancial and they sold it to Nationstar. Is that good or bad?” James asked.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Here is the answer. It’s neither good nor bad. In fact, I don’t think your loan was sold. You see, most loans were packaged up and sold to Fannie Mae, Freddie Mac, or Wall Street.

James’s loan was more than likely packaged up and sold off. I asked him who his original lender was. He said it was a company called First Magnus. (First Magnus declared bankruptcy in 2007 and was afterwards closed.)

The Stop Foreclosure Institute has negotiated short sales on loans that were originally with First Magnus. The last one was sold to a large Wall Street Firm and securitized.

That means James’s loan could be owned by anyone. More than likely it is owned by Fannie Mae or Freddie Mac. If not, then it was probably sold to a Wall Street Firm.

The owner of the loan hired CitiFinancial to act as their front man. That means Citi collected the payments, handled escrows and accounting, and manages debt collections and foreclosures.

More than likely Nationstar did not buy the loan. Instead whoever owns the loan hired them to act as the front man instead of Citi.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at kcflash@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 913-339-0630.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Overland Park Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Ken Flaspohler.

Ken is a Real Estate Broker at REMAX Best Associates.

Phone: 913-339-0630. kcflash@gmail.com.

View My homes for sale at www.kansascityhomes4u.com.

Ken Flaspohler specializes in loan modification assistance and short sales in Kansas City Missouri. Kansas City Loan Modification Help, Kansas City short sales. Kansas City Short Sale Realtor Short Sale Realty. Overland Park KS Short Sales. Overland Park Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Ken Flaspohler’s personal views and do not reflect the views of REMAX Best Associates. This information on Question from homeowner: My lender just sold my loan. Is that a good thing is provided as a courtesy to our viewers to help them make informed decisions.

Kansas City real estate: Does a forensic loan audit help get short sale approval?

Kansas City MO – I’m sure you have heard about forensic loan audits. I’ve heard people say how wonderful they are. “Your lender will approve your short sale right away”, claims one.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

An agent told me a story about forensic loan audits. He worked with a woman who was trying to short sales 3 houses. He knew they were short sales and was glad to list them for sale.

There was a guy involved who was supposed to be doing all the “negotiating” with the lender. Little did this agent know this guy was trying to flip the houses. This guy had a forensic loan audit done.

He claims he paid foreclosure defense lawyers out of his own pocket. He did all this stuff in an attempt to force the lender to approve the short sale.

The only problem was the lender didn’t care. The short sale negotiators at the lender were not going to approve the short sale offers so this guy could resell the home for a profit.

“We know this guy is trying to flip the house. We won’t approve the short sale as long as he is doing that”, they said.

This was despite the claims that some have made that a forensic loan audit will have lenders trip over themselves to approve the short sale.

Please consider this story before you spend $800 to $1,000 on a “Forensic Loan Audit.” I am in the business and talk to homeowners facing foreclosure every day.

I have only heard a few stories where a “forensic loan audit” made a difference to the lender. I’m not saying that they don’t work. I just want to warn you to check them out before spending big bucks for one.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at kcflash@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 913-339-0630.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Overland Park Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Ken Flaspohler.

Ken is a Real Estate Broker at REMAX Best Associates.

Phone: 913-339-0630. kcflash@gmail.com.

View My homes for sale at www.kansascityhomes4u.com.

Ken Flaspohler specializes in loan modification assistance and short sales in Kansas City Missouri. Kansas City Loan Modification Help, Kansas City short sales. Kansas City Short Sale Realtor Short Sale Realtor. Overland Park KS Short Sales. Overland Park Realty.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Ken Flaspohler’s personal views and do not reflect the views of REMAX Best Associates. This information on Overland Park Short Sales: I thought it would work, but it didn’t is provided as a courtesy to our viewers to help them make informed decisions.

Overland Park real estate: How to know when the short sale negotiator is lying to you

Overland Park KS – Negotiating short sales is tough. In my opinion, some of the banks are not making good financial decisions. “We won’t approve the file without the financials completely filled out,” they say.

Or, they tell you the numbers won’t work when the investor guidelines actually say to approve the short sale. If the agent doesn’t know who owns the loan (or their short sale guidelines), then the bank negotiators can lie to them. They don’t know any better. Let me give you an example.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

The Stop Foreclosure Institute recently closed a short sale that where the owner of the loan was the Federal National Mortgage Association, also called Fannie Mae.

The bank’s appraiser said the home was worth 220k. Because of prior experience with Fannie Mae Short Sales, I knew what they would accept as a percentage of the value. The short sale offer being presented would net them $6,000 more than that number.

The negotiator countered. She said the buyers needed to pay even more for the house. We asked the buyers if they would raise their offer.

They told us that it was their highest offer. They had looked at a bunch of other homes for sale. If their offer wasn’t accepted they already had another home in mind that they would purchase.

Most agents don’t know the guidelines for short sales. They would have taken the short sale negotiator at face value. As a result, the short sale would have been rejected.

The buyer would have bought the other house and the seller would be at risk of losing the home to foreclosure.

Fortunately, we knew the short sale guidelines. Because we knew the numbers and the guidelines, we were able to push the negotiator for an approval. The file was approved and the sale closed a little while later.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at kcflash@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 913-339-0630.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Overland Park Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Ken Flaspohler.

Ken is a Real Estate Broker at REMAX Best Associates.

Phone: 913-339-0630. kcflash@gmail.com.

View My homes for sale at www.kansascityhomes4u.com.

Ken Flaspohler specializes in loan modification assistance and short sales in Kansas City Missouri. Kansas City Loan Modification Help, Kansas City short sales. Kansas City Short Sale Realty Short Sale Realtor. Overland Park KS Short Sales. Overland Park Realty.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Ken Flaspohler’s personal views and do not reflect the views of REMAX Best Associates. This information on Overland Park Short Sales: How to know when the short sale negotiator is lying to you is provided as a courtesy to our viewers to help them make informed decisions.

What to do when they won't allow you to "escalate" the Kansas City short sale file

Kansas City MO – Yesterday I gave you a good example of why you should “escalate” a short sale file. The Stop Foreclosure Institute took a short sale that wasn’t going to be approved, pushed for an approval, and received it.

As a result a homeowner avoided foreclosure, a buyer was able to buy the home they wanted, the bank reduced their losses, and we made a little money.

There are a few problems you may run into when you attempt to escalate a file. Sometimes the negotiator won’t give you their supervisor’s info. They won’t order a new appraisal or help you out.

Most people would be at a dead end. Here is how to get their supervisor’s contact info.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Call the lender’s short sale 800 number. Tell the person answering that you are working on a file with the short sale negotiator and you need to talk to their supervisor.

Say something like, “We’ve talked to the buyers. They will not raise their offer. We’ve had this house listed for 94 days and this is the best offer we have received. The buyers asked me to call and plead their case.”

Most of the time, they will give you the supervisor’s name and e-mail address. Always ask for the fax and phone number as well. Most of the time you won’t get that, but sometimes you can.

Before we escalated a file, we were scared to do it. What if the negotiator got mad? This held us back, and honestly it hurt everyone

The reality is that the negotiators don’t get mad at all. When we are at a logjam with a file, and we have a good case on why they should accept the offer, then we do the logical thing and escalate the file.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at kcflash@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 913-339-0630.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Overland Park Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Ken Flaspohler.

Ken is a Real Estate Broker at REMAX Best Associates.

Phone: 913-339-0630. kcflash@gmail.com.

View My homes for sale at www.kansascityhomes4u.com.

Ken Flaspohler specializes in loan modification assistance and short sales in Kansas City Missouri. Kansas City Loan Modification Help, Kansas City short sales. Kansas City Short Sale Realtor Short Sale Realty. Kansas City MO Short Sales. Overland Park Realty.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Ken Flaspohler’s personal views and do not reflect the views of REMAX Best Associates. This information on Overland Park Short Sales: What to do when they won’t allow you to “escalate” the short sale file is provided as a courtesy to our viewers to help them make informed decisions.

Overland Park real estate Short Sales: Who benefits from a short sale?

Overland Park KS – First, it benefits the owner of the loan. This is because they get to sell the house at today’s price, versus what it will be worth 6-12 months down the road. I just did a comparison and pulled up sold listings.

All of the listings were the similar properties in similar neighborhoods. First, I looked up the average selling price per SQFT of homes that sold in Spring. They sold for an average of $103 a SQFT.

Then, I pulled up homes in the same neighborhoods that sold as REOs in the last 2 months. They are sold for an average of $85 a SQFT. These homes average 1,700 a SQFT. That means a 1,700 REO sold for $30,600 less. Ouch!

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

The other person that’s getting value is the buyer. They get a better deal in today’s market than buying a home from someone who is trying to squeeze out every penny.

You, the seller also benefit. You will be eligible to buy another home in 24 months. You have a better chance of getting a job, because many employers check that nowadays. A short sale is a win – win for everyone involved.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at kcflash@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 913-339-0630.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Overland Park Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Ken Flaspohler.

Ken is a Real Estate Broker at RE/MAX Best Associates.

Phone: 913-339-0630. kcflash@gmail.com.

View My homes for sale at www.kansascityhomes4u.com.

Ken Flaspohler specializes in loan modification assistance and short sales in Kansas City Missouri. Kansas City Loan Modification Help, Kansas City short sales. Kansas City Short Sale Realtor Short Sale Realty. Overland Park KS Short Sales. Overland Park Realty.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Flaspohler’s personal views and do not reflect the views of REMAX Best Associates. This information on Overland Park Short Sales: Who benefits from a short sale is provided as a courtesy to our viewers to help them make informed decisions.

Overland Park Real Estate Short Sales: Another thing that is dragging on the economy

Overland Park Kansas- The Stop Foreclosure Institute received another testimonial from a seller. She said a lot of stuff and it refreshed my memory. The average person just doesn’t realize how “going broke” makes people feel like trash.
People start doubting themselves. They keep on kicking themselves down mentally.

“Why did I buy that house?” “Why didn’t I work harder at my job, so I wouldn’t get laid off?” Why did I get laid off, and not Joe?”, they say to themselves. “I am such a loser and I can’t find a decent job anymore!”

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

They start thinking all of this stuff. Then, they start getting a lot of mean people calling the house. People such a bill collectors, debt collectors, and their mortgage company.

All of these people use mean, threatening tactics to try and get them to pay. Then, they get in a fight with their spouse over money. It all adds up. They are emotionally beat.

Sometimes they give up, without even realizing it. It’s tough. Everyone kicks you while you are down. They stop taking risks. They stop looking for work.

Or, they lack confidence and as a result don’t get the job. Pretty soon they don’t think they can contribute to the economy. It is a horrible cycle.

If you are experiencing this, don’t give up. Things will turn around. No, I’m not just talking about the general economy. Yes, that will turn around. But, your personal economy will turn around, whether or not the general economy does.

First, you have to get your confidence back. There are several ways you can do this. If you are unemployed, then get a new job. Any job will do, even if it isn’t where you want to end up.

If you are overqualified for the job, then you will look awesome there. But, it will make it much easier for you to get a new, better job elsewhere. Someone is much more likely to hire a person who has a job than someone who is unemployed.

Pretty soon you will get your life back together. Yes, it will feel like a long time. It will be humiliating at time. But, if you just keep on pushing, then it will happen.

I have met so many people who have been hurt by this tough economy. All of them have gotten back on their feet eventually. Sure it wasn’t fun. But, they did it and I’m sure you can to.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at kcflash@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 913-339-0630.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Overland Park Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Ken Flaspohler.

Ken is a Real Estate Broker at REMAX Best Associates.

Phone: 913-339-0630. kcflash@gmail.com.

View My homes for sale at www.kansascityhomes4u.com.

Ken Flaspohler specializes in loan modification assistance and short sales in Kansas City Missouri. Kansas City Loan Modification Help, Kansas City short sales. Kansas City Short Sale Realtor Short Sale Realty. Overland Park KS Short Sales. Overland Park Realty.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Flaspohler’s personal views and do not reflect the views of REMAX Best Associates. This information on Overland Park Short Sales: Another thing that is dragging on the economy is provided as a courtesy to our viewers to help them make informed decisions.

Overland Park Short Sales: We answer a question from a homeowner facing real estate foreclosure

Overland Park MKS -

The only thing certain in life is death and taxes - Benjamin Franklin

The Stop Foreclosure Institute recently received a question from a homeowner facing foreclosure. I’ll call him Peter to protect his identity.

(Foreclosure is embarrassing and I don’t want to put his name out there.) Peter asked, “I am six months behind on my mortgage payments. I just got the tax bill for 2010 in the mail. Should I pay it?”

He continued, “What will happen if I don’t pay it? Will my house be auctioned to pay the taxes?”

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Here is the answer to Peter’s Question. It all depends on what his plans are and how tight he is on money.

Most people in Peter situation fall into one of 3 categories.

Category A. They want to keep their home. They are already working on a loan modification with their lender. They are saving every extra penny possible and maybe even working an extra job.

Category B. They don’t want to keep their home. They might be thinking about a short sale or deed-in-lieu of foreclosure.

Category C. Cannot afford to keep their home, but want to stay there as long as possible. Maybe they bought an expensive home and aren’t making the big bucks anymore. But, they can afford to rent a smaller, less expensive home.

First a little background on Peter. Peter is in Florida. In Florida, the county cannot auction your home to pay the taxes for at least 2 years. But, usually it is 5-7 years before that actually happens.

This means you have a long window to pay back that tax bill. here is the other thing that often happens. Your lender pays the tax bill. I’m sure you’re asking, “Why would the lender pay the tax bill?”

To protect their interest. If the house gets sold at auction, the lender’s first mortgage could be wiped out. Lender’s have whole departments that do nothing but track property taxes that are due and pay them if necessary. They will pay back taxes and tack it onto what you owe them.

Here is one other caveat: The interest rate on delinquent property taxes in Florida is 10-18%. That can rack up pretty fast.

Here are my answers for how Peter should handle this tax bill.

If he falls into Category A: Pay the tax bill as soon as possible AFTER your loan mod is approved. However, Peter should first attempt to negotiate a successful loan modification with his lender.

Most lenders want a “good faith down payment” to modify a loan. So until the modification goes thru, Peter save all his money for that.

Because if the loan modification is not approved, then Peter will have wasted money paying the taxes. It will be just one less payment for the bank after they foreclose.

If he falls into Categories B or C: Do not pay the tax bill. The lender will end up paying the bill after they foreclose. Or, it will be paid as part of a short sale. Peter will have sold the house, or his lender will have foreclosed on it long before it can be auctioned for unpaid taxes.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at kcflash@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 913-339-0630.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Overland Park Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Ken Flaspohler.

Ken is a Real Estate Broker at REMAX Best Associates.

Phone: 913-339-0630. kcflash@gmail.com.

View My homes for sale at www.kansascityhomes4u.com.

Ken Flaspohler specializes in loan modification assistance and short sales in Kansas City Missouri. Kansas City Loan Modification Help, Kansas City short sales. Kansas City Short Sale Realtor Short Sale Realty. Overland Park KS Short Sales. Overland Park Realty.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Flaspohler’s personal views and do not reflect the views of RE/MAX Best Associates. This information on Overland Park Short Sales: We answer a question from a homeowner facing foreclosure is provided as a courtesy to our viewers to help them make informed decisions.

Overland Park Short Sales: Wall Street Firms Strategically Walking Away from their upside down real estate properties

Overland Park KS – Wall Street Fat Cats say homeowners shouldn’t walk away from upside down homes. Why? “If you do it, then everyone will start doing it”, they say. “It isn’t moral. People should own up to their commitments.

People should be responsible. This is more than just a contract. It’s what holds the entire economy together.” However, those same rules don’t seem to apply to the Wall Street Bankers.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Turns out Wall Street firm Morgan Stanley strategically defaulted on their upside down properties. Here is the article from Bloomberg: Morgan Stanley to Give Up 5 San Francisco Towers Bought at Peak.

Here is what the article says: “Morgan Stanley, the securities firm that spent more than $8 billion on commercial property in 2007, plans to relinquish five San Francisco office buildings to its lender two years after purchasing them from Blackstone Group LP near the top of the market.

The bank has been negotiating an “orderly transfer” of the towers since earlier this year, Alyson Barnes, a Morgan Stanley spokeswoman, said yesterday in a telephone interview. AREA Property Partners will take over the buildings. Barnes declined to say when the transfer will occur.

“This isn’t a default or foreclosure situation,” Barnes said. “We are going to give them the properties to get out of the loan obligation.

The Morgan Stanley buildings may have lost as much as 50 percent since the purchase, he estimated.

Morgan Stanley bought 10 San Francisco buildings in the city’s financial district as part of a $2.5 billion purchase from Blackstone Group in May 2007. The buildings were formerly owned by billionaire investor Sam Zell’s Equity Office Properties and acquired by Blackstone in its $39 billion buyout of the real estate firm earlier that year.

Morgan Stanley, based in New York, was the biggest property investor among Wall Street firms at the time of the purchase. The transaction made the company one of the largest office landlords in San Francisco, with the purchase giving the bank 3.9 million square feet of office space there.”

Pretty interesting. If an ordinary guy walks away from his upside down home, then that makes him a immoral deadbeat. “He’s working the system”, the Wall Street people say.

But, to them it’s a moral business decision. “We’re doing what’s best for our stockholders”, they say. “That’s our obligation and duty.”

Here is my question. Doesn’t a parent have an obligation to do what is best for the stockholders in their family? Let’s say that they can save hundreds of thousands of dollars in mortgage payments.

As a result, little Timmy will be able to attend college when he grows up. Isn’t it their moral obligation to do what is best for the stockholders in the family?

Please let me know what you think. Put your comments agreeing or disagreeing below.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at kcflash@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 913-339-0630.

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Thanks for reading this, Ken Flaspohler.

Ken is a Real Estate Broker at REMAX Best Associates.

Phone: 913-339-0630. kcflash@gmail.com.

View My homes for sale at www.kansascityhomes4u.com.

Ken Flaspohler specializes in loan modification assistance and short sales in Kansas City Missouri. Kansas City Loan Modification Help, Kansas City short sales. Kansas City Short Sale Realtor Short Sale Realty. Overland Park KS Short Sales. Overland Park Realty.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Flaspohler’s personal views and do not reflect the views of RE/MAX Best Associates. This information on Overland Park Short Sales: Wall Street Firms Strategically Walking Away from their upside down properties is provided as a courtesy to our viewers to help them make informed decisions.