How to Sell a House When It's Worth Less Than the Mortgage (eBook)

DWAN BENT-TWYFORD, "The Queen of Short Sales," is the country's leading authority on buying and selling "underwater" properties. She runs popular boot camps for real estate investors and is a sought-after public speaker on real estate investing. She is also the coauthor of Short-Sale Pre-Foreclosure Investing, from Wiley. BILL TWYFORD is a successful real estate investor, speaker, author, motivator, and teacher.

DOWNLOADABLE FORMS.

INTRODUCTION.

How Did So Many of Us End Up with Underwater Houses.

What Happened to Real Estate Prices?

Easy Money Home Loans.

When Lending Guidelines Loosened--The Beginning of OurCurrent Problems.

Meet the Authors.

ACKNOWLEDGMENTS.

PART I OPTIONS FOR "UNDERWATER" PROPERTYOWNERS.

CHAPTER 1 Is Your Home Worth Less Than the Mortgage?

How to Estimate the Value of Your Home.

What Banks Want.

Introduction to a Short Sale.

Other Options for Underwater Homeowners.

CHAPTER 2 What Happens If I Walk Away from MyProperty?

Stop Making Payments, Move Out, Let the Bank Foreclose.

Deed in Lieu of Foreclosure.

How to Protect Yourself.

Your Losses Don't Stop with Foreclosure.

Mortgage Forgiveness Debt Relief Act.

CHAPTER 3 If You Are in Financial Trouble, Deal with YourEmotions First!

The Typical Mindset of People in Distress.

How It Feels to Be Trapped.

Putting Your Pride Aside--The First Step to a New Life.

How to Get Free from Your Property and Get on with YourLife.

CHAPTER 4 Aggressive First Steps to Get the Highest PossiblePrice.

Try to Sell the Property Yourself before Calling a Real EstateAgent.

Using a Real Estate Agent.

What If My House Is Underwater but the Payments Aren'tLate?

CHAPTER 5 Try a Loan Modification: Negotiating a LowerMonthly Payment with Your Lender.

Loan Modification.

Forbearance Agreement.

CHAPTER 6 Government Programs and Mortgage ReliefOrganizations.

Mortgage Relief.

Financial Relief.

PART II SHORT SALES: HOW TO SELL A HOUSE WHEN IT'SWORTH LESS THAN YOU OWE.

CHAPTER 7 The Short Sale Solution.

When a Short Sale Won't Work.

Short Sale Requirements.

Short Sales for Investment Properties.

How to Approach Your Bank.

How to Ace the Broker's Price Opinion.

CHAPTER 8 How to Put Together Your Own Short SalePackage.

Requirements for Financially Distressed Homeowners.

Requirements for Solvent Homeowners.

Putting the Package Together.

Sample Contract for Sale and Purchase.

Sample Comparable Sales.

Sample Pictures of Disrepair.

Sample Net Sheet.

Sample Investor Letter.

Sample Repair List.

Making Sure Your Package Is Complete.

Sample Short Sale Package.

CHAPTER 9 How to Work with an Ethical Investor to Short Salea Property.

What Should an Investor Do for Me?

How to Negotiate with Investors.

CHAPTER 10 Closing Any Deal--What You Need to Get inWriting.

Get Everything in Writing from the Bank, Investor, or RealEstate Agent.

What to Expect from the Closing Agent.

Check Your Credit after the Deal Is Done.

PART III OTHER OPTIONS AND ISSUES FOR UNDERWATERHOMEOWNERS.

CHAPTER 11 If Nothing Else Works, ConsiderBankruptcy.

Bankruptcy--How to Buy Time.

Will Bankruptcy Help or Hurt My Credit?

CHAPTER 12 Temporarily Renting Your Home.

Section 8 Program.

CHAPTER 13 Don't Go Broke Trying to Save YourHouse.

Don't Go Broke.

Living with Negative Cash Flow.

Living with the Emotional Stress.

CHAPTER 14 How to Rebuild Your Credit.

Credit Repair Services.

Steps to Rebuilding Your Credit.

Formula for Paying Off Credit Cards.

CHAPTER 15 Is There Life after Financial Disaster?

How Do I Avoid Disaster Again?

Will I Be Able to Invest Again?

Sharing Your Experience with Other Distressed Homeowners.

Consider Becoming a Real Estate Investor.

INDEX.