The "Loan Xperts" Blog

Save Our Home From Foreclosure, LLC (SOHFF) has a proven record of performance in assisting investors reduce or eliminate debt obligations with lenders. SOHFF has extensive relations with some 60 lenders nationwide.

Some detailed case studies include:

INVESTOR WALKS AWAY FROM $1,039,445 IN DEBT OBLIGATIONS

This investor had several high end properties. On one property, he owed $1,039,445 between two mortgages. The property was listed for sale for $1,059,000 and sold for $680,000 six months later. The first mortgage lien of $782,437 was negotiated and paid off for $617,559. While SOHFF could not guarantee it, the lender agreed to this settlement and did not seek a deficiency judgment. The second mortgage lien of $257,008 was settled for $15,564, with no deficiency judgment. The total debt exposure of $1,039,445 was settled for $15,564 through a short sale and negotiations. Looked at another way, after the short sale, the net exposure of $406,322 was eliminated for $15,564. Legal and SOHFF fees were $40,000.

INVESTOR SAVES $367,000 IN MORTGAGE OBLIGATIONS

This doctor invested in several townhomes. On one property alone he owed $367,000 to one lender. The property was listed for sale, and finally sold after 5 months for $122,000, with the bank netting $111,000. A satisfaction of debt was negotiated for the investor. Thus, a gross debt of $367,000, or net after the short sale of $245,000 was totally wiped out through negotiations, and settled without deficiency judgments from both lenders. Legal and SOHFF fees were $22,000.

INVESTOR SAVES $320,000 IN MORTGAGE DEBT EXPOSURE

This client owned several townhome properties. On one property, a total of $323,000 was owed, $223,000 to one bank, and $100,000 to another lender. The property was listed for sale at $529,000 and sold six months later for $250,000. The primary lien holder received $225,118 and the second lien holder received $ 3824, of which the investor paid $2824. In summary, a gross debt of $323,000, and net debt after short sale of $73,000 was eliminated for under $3000. While SOHFF cannot guarantee this result, there was no deficiency judgment by either lender. Legal and SOHFF fees were $7,000.

INVESTOR SAVES $236,420 IN MORTGAGE DEBT OBLIGATION

This investor owns several investment properties. On one property he owed $190,720 on a first lien and $47,540 on a second loan, for a total of $238,420. This property was listed for sale at $209,900 and sold for $176,000 some four months later. The bank in first position received $154,064, and the second lien holder received $3,000., of which the investor had to come up with $2,000. A gross debt exposure of $238,429 and net after short sale of $62,420 was wiped out for $2,000. In this case, neither bank will seek a deficiency payment as SOHFF was able to negotiate this away. Legal and SOHFF fees were $7,000.

If you are an investor with one or more properties and are seeking advice with your real estate portfolio, contact the professionals at Save Our Home From Foreclosure today! PH. 1-800-305-7121 Ext. 401 E-Mail Don@SOHFF.com

LEGAL STATEMENT

The information contained above is intended to be used for informational purposes only and to provide a general overview of the topics described herein. There may be tax and other legal consequences associated with a short sale. Save Our Home From Foreclosure, LLC makes no representations or warranties concerning potential tax or legal consequences relating to any final disposition of any property. Clients are advised to consult with a tax professional regarding the potential tax consequences for their particular situation. Save Our Home From Foreclosure, LLC is providing a service in response to a complex situation and offers a recommended solution where possible. Nothing is represented as tax advise to our clients as every situation may result in different tax consequences. Save Our Home From Foreclosure, LLC is not a law firm or an accounting firm and regarding any specific questions relative to any transaction, Save Our Home From Foreclosure, LLC strongly encourages all parties, agents, and brokers involved in a transaction to seek such advice from a professional advisor.