Wednesday, March 29, 2017
Top Entrepreneur News

Thu, 30 Mar 2017 02:00:00 -0500

Increase your mailing response rate by tracking and taking a serious look at your results.

Wed, 29 Mar 2017 22:00:00 -0500

How to make investing in your company a no-brainer.

Wed, 29 Mar 2017 21:45:00 -0500

Entrepreneur Network partner Kelsey Humphreys sits down with Jason Saltzman to learn how he bounced back from multiple failed ideas, beat the odds and found lasting success.

Wed, 29 Mar 2017 20:30:00 -0500

Open, no-pressure discussions can create perceptible improvements in how team members work together.

Wed, 29 Mar 2017 20:00:00 -0500

Success or failure in 2017 hinges on a company's ability to do this successfully.

Wed, 29 Mar 2017 20:00:00 -0500

Offshoring engineering teams can be a huge asset for your startup, but it comes with a sea of entirely new challenges

Wed, 29 Mar 2017 19:30:00 -0500

How a company started in a college dorm turned into a 7-figure business.

Wed, 29 Mar 2017 19:00:00 -0500

You may not have heard of them, but these less-known online lenders could be your source of startup cash.

Wed, 29 Mar 2017 19:00:00 -0500

Looking at these eight factors will help you determine the how, what, when, where and why of your financing round.

Wed, 29 Mar 2017 18:30:00 -0500

Don't overlook these five facets of true financial security.

Wed, 29 Mar 2017 18:00:00 -0500

The ideal app is useful, engaging, even addictive, so that people see it as an indispensable part of their daily routine.

Wed, 29 Mar 2017 18:00:00 -0500

Find out how to plan, execute and repurpose your livestream communication to make it truly dynamic.

Wed, 29 Mar 2017 17:38:19 -0500

Forgot something in your ride? You're not alone.

Wed, 29 Mar 2017 17:30:00 -0500

How to be more than just another forgotten business card in a pile.

Wed, 29 Mar 2017 17:30:00 -0500

Be on the lookout for these changes to company culture expectations and the make-up of the workforce.

Thu, 30 Mar 2017 01:20:00 -0500

The Galaxy S8 and Galaxy S8 Plus have arrived, but what's the difference and should you upgrade?

Wed, 29 Mar 2017 23:38:00 -0500

Say goodbye to greased up girls and hello to greasy burgers.

Wed, 29 Mar 2017 22:59:00 -0500

The launch of the Galaxy S8 may give Samsung an advantage in terms of being first to market over September's iPhone 8 release, but it offers Apple a chance to improve on some of the S8’s solutions to basic smartphone elements such as the removal of the physical home key.

Wed, 29 Mar 2017 18:38:00 -0500

Arturo has a feeling his star employee James is job-hunting. Should Arturo ask James "Are you job-hunting?" or not? Is there anything else Arturo can do?

Wed, 29 Mar 2017 14:00:00 -0500

Emotionally intelligent people likely have a bigger bank account...

Wed, 29 Mar 2017 13:01:00 -0500

Construction for the WWE WrestleMania 33 set design is underway in Orlando, Florida and WWE has spared no expense in building one of its greatest sets ever, roller coaster and all.

Wed, 29 Mar 2017 00:13:00 -0500

Recruiters and employers will probe for your salary details -- don't give them up! Do this, instead.

Tue, 28 Mar 2017 02:03:00 -0500

GrubMarket's recent partnership with Alibaba and JD.com, the largest e-commerce companies in China, helped the San Francisco-based startup reached profitability.

Sat, 25 Mar 2017 14:37:00 -0500

So rather than bring in a Honda CRV (by far the best-selling crossover in the compact class), or other similar contenders, to drive back to back with CX-5, Mazda instead lined up three of the best from Germany, plus a premium class rival from Japan.

Fri, 24 Mar 2017 23:53:00 -0500

It's past time we got rid of the five obnoxious and intrusive job interview questions on our list -- and started asking more useful and human questions instead! Here are the five questions to ditch and five replacements.

Latest News & Information

Current Articles | Archives | Search

Chaldeans Homeowners Looking for Rescue Plan, May Have Found One in the Short-Sale
By Mo Thweny :: Sunday, October 5, 2008 :: 18947 Views :: Article Rating :: Business & Finance

Michigan, USA - Today, many homeowners are unable to make their monthly mortgage payments due to job loss, health issues or an adjusting ARM and are opting to do a foreclosure. The government bailout of banks will not offer much reassurance and those choosing to walk away from their home, especially Chaldeans, might consider a few things first. 

A foreclosure ruins a borrower’s credit for about 10 years, making them unable to buy another home, purchase a new car, impact businesses loans, or even prevent them from getting a new job.

Shrewd Chaldeans are considering a little known option for homeowners called a “Short-Sale”.

A short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy.  The first thing a borrower should do is contact the lender immediately. Lenders typically have departments that work with people who are behind on their payments to resolve the situation. If you cannot resolve the default with the lender, and you want to see if they will accept a short sale, they will direct you to the department that handles short sales.

If your lender agrees to a short sale, you then hire a real estate agent that specializes in short sale offerings to help find a buyer. The expert agent helps structure a deal whereby you sell your home, and the lender agrees to take the loss contractually agreeing not to go after the homeowner for the difference that is owed. The “Short-Sale” prevents a wrecked credit history and any possible legal action.  Best of all, many banks are eager to help arrange “Short-Sales” in order to keep their inventory of foreclosed homes and the high cost of foreclosed home maintenance. 

Here is an example of a short sale: A homeowner, who is facing foreclosure, owes $250,000 on the first mortgage. An offer is submitted to the lender for $175,000, which is accepted as full payment of the loan. Banks are willing to go through this process because they do not like to hold excess inventory or bad loans. Additionally, a foreclosure usually ends up costing the bank more money in the long run.

Chaldeans have to act fast.  The best time to hire a Short-Sale real estate agent is when you are 1-2 payments behind in your mortgage.  If a homeowner falls behind on a mortgage for too long, that puts the bank in a financial position to force the home into foreclosure to better their books.  The key to a Short-Sale is having the right agent with the proper connections and reputation to expedite the process and the timing of when to approach the bank.  

 


Mo Thweny is a Michgian licensed real estate agent with Remerica Hometown One and a Short-Sale process expert.  Mr. Thweny has given formal and informal talks, lectures, and workshops on negotiating managing a successful Short-Sale.  Those interested in learning more about real estate or the Short-Sale process can call Mr. Thweny direct at (248) 514-9662

Rating