Paul Nelson's (paulenelson) Blog

Bellevue WA – A hardship letter is one of the most important items in a short sale. This is your opportunity to explain why your lender should approve your short sale and let you walk away from the debt. In clear terms, you need to layout exactly why you can no longer afford to keep the property....

Bellevue WA – First, it benefits the owner of the loan. The owner can be the bank or a third party such as Fannie Mae or Freddie Mac. They are Quasi-Governmental Entities. The American Taxpayer has bailed them out to the tune of hundreds of millions of dollars and will continue to bail them out f...

Bellevue WA – There is a hidden secret in the foreclosure business. Many lenders are losing money by turning down loan modifications. Here is how it works. A borrower offers to pay his lender the monthly payment for a $400,000 mortgage. The lender turns it down and forecloses on the home. Click h...

Bellevue WA – There are many benefits of a short sale. Many people don’t see the benefit. They don’t do anything to avoid foreclosure and let their bank foreclose. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Benefits of a Short Sale: 1. A short ...

Bellevue WA – If you are facing foreclosure, then I’m sure you’ve heard of a Deed In Lieu of foreclosure. Some people say it is a great way to avoid foreclosure. Actually, all it does is accelerate the foreclosure process. Click here to discover how other sellers successfully did a short sale and...

Bellevue WA – We are often asked by short sale sellers whether or not they should continue paying their mortgage payment while they attempt to short sell their home. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here is the quick answer. Yes, if y...

Bellevue WA – There are many reasons to use a short sale to stop foreclosure. If you want to keep your home, then you need to attempt a loan modification. If you do not want to keep your home, then you need to consider your options. There are 3 options if you do not want to keep your home. Click ...

Bellevue WA – You can short sale your house if you have an FHA loan. FHA will forgive you of all the debt and does not ask for a promissory note. That is the case if you are short selling because of a legitimate hardship. Here is how the process works on an FHA short sale. Click here to discover ...

Bellevue WA – I have feared this for a long time. But today I found out that it is actually happening. Here’s the story. Someone is short selling their home. The mortgage is with ABC Bank. They happen to have their checking or savings account at ABC Bank. Click here to discover how other sellers ...

Bellevue WA – Fannie Mae stands for Federal National Mortgage Association. Fannie Mae is a quasi-government enterprise that was created to buy mortgages from banks, thereby allowing them to make more loans. Short Sales on a Fannie Mae owned loan are much simpler than other short sales.Around half...