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How The Real Estate Short Sale Process Works

By Simon Volkov

Real estate short sale agreements have been offered for years, but have only become popular since the banking crisis occurred. Lenders sometimes enter into short sale contracts to avoid the expense of foreclosure. In essence, banks allow borrowers to sell their house for less than owed on the mortgage note.

The real estate short sale process can take several months to complete. The first step involves providing financial records to an assigned bank loss mitigator to determine if borrowers and their property are eligible for short selling. Borrowers must be in serious financial distress and cannot own valuable assets which could be sold to satisfy the loan balance.

Bank loss mitigators are responsible for many facets of mortgage default. They often handle loan deferments, loan modifications, real estate forbearance, mortgage refinance, deed in lieu of foreclosure, foreclosure, and short sale transactions.

One of the biggest frustrations borrowers face is the length of time it can take to make direct contact with lenders. However, borrowers must be persistent in their efforts to obtain a successful outcome. If necessary, send a certified letter with a return receipt request which requires lenders to sign the receipt to acknowledge they received documents.

[youtube]http://www.youtube.com/watch?v=K-_91DEx2TY[/youtube]

Short sales are handled differently by each lender. Some banks require borrowers to have a qualified buyer in place before granting short sale approval. Others grant borrowers’ time to list their home for sale through a realtor. In rare instances, mortgage lenders allow borrowers to list the property as for sale by owner.

Locating a realtor to list short sale property can sometimes be challenging. Agents can be required to reduce commission rates to expedite quick sale of the home. In addition to reduced commissions, real estate short sales require additional paperwork to document the sale.

It is the responsibility of the mortgagor to understand lender requirements. Those who aren’t comfortable going through the short sale process on their own should consult with a real estate lawyer or short sale specialist. Private real estate investors can be a good source as well. Many investors have negotiated with banks to purchase short sale real estate as investment property.

Most banks require borrowers to be a minimum of 31 days delinquent before discussing the option to short sell. Property owners with accrued home equity normally do not qualify for real estate short sales. However, if extenuating circumstances surround the borrower’s ability to pay future loan payments, lenders may consider this option.

Individuals who have recently lost their spouse to death or divorce, or borrowers enduring chronic or terminal health issues might be granted short sale approval. Much depends on the policies of the lender. Borrowers facing these types of problems should talk with their lender to determine available options.

Mortgagors must determine the type of short sale offered by their lender. Most banks hold borrowers responsible for deficiency amounts between the sale price and loan balance. Once the property is sold banks can demand payment in full.

If borrowers cannot pay the deficiency in full, banks can obtain court ordered deficiency judgments. If borrowers do not establish a payment plan to pay the deficiency amount, banks can garnish wages until the debt is fully paid.

The goal of real estate short sales is to obtain a payment in full agreement. This option lets borrowers walk away from the property without owing additional funds. However, short sales are reflected in credit reports as foreclosure and debtors will witness a reduction in credit scores. Debtors should immediately engage in credit repair strategies to offset the blemish of short selling.

About the Author: Real estate investor, Simon Volkov shares insider-secrets for improving chances of obtaining real estate short sale approval in his popular book, Short Sale Hardship Letter eBook Course. Order your copy today at ShortSaleHardshipLetter.com.

Source: isnare.com

Permanent Link: isnare.com/?aid=600651&ca=Real+Estate

University of Chicago’s Mansueto Library suffers power outage

Monday, May 30, 2011

The University of Chicago’s Joe and Rika Mansueto Library was shut down by a power outage for a short time on Saturday, preventing library personnel from providing full services to its patrons.

The US$81 million library, which opened May 16, includes a 180-seat reading room under a 691-panel glass dome. Five stories underground, a system of five cranes retrieves books sorted into bins, carrying a maximum of about 3.5 million volumes. As of 3:50 p.m. CDT, the automated storage and retrieval system, along with staff computers at the circulation desk, were shut down, preventing patrons from retrieving materials stored underground.

The glass ceiling normally allows enough natural light to pass, but rain clouds in the area darkened the room. Patrons began to flip light switches in front of their seats, but to no avail, and a circulation clerk announced that there had been a power outage. Some patrons then moved to the adjacent Regenstein Library, which still had power. Power was still running along the corridor linking Mansueto and Regenstein Libraries, along with the nearby restrooms and Special Collections Research Center.

An electrician arrived at the building at around 3:50 p.m., and power had been restored by 5:45 p.m.

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The Advantages Of Buying Bulk Chocolate Coins

byAlma Abell

In today’s world, everyone is saving money where they can and getting discounts where they are provided. What many people still don’t get, however, is the advantage of buying some things in bulk. One of the best things to buy a lot it at the time is bulk chocolate coins. Why not? If you use them for everything, in everything you do, from birthday parties to corporate events and from weddings to stocking stuffers, it might be a good idea to buy them in bulk, so that you always have them on hand. For some of the advantages of buying in bulk, read on below and then see if you agree.

You Get More

It is estimated that buying anything in bulk, even bulk chocolate coins, cost you around 90 percent less than buying a little at a time does. That in itself is enough to convince many people that buying their chocolate coins in bulk is a great idea. After all, who doesn’t like to save money?

You Never Run Out

Another main benefit of buying in bulk is the fact that you will never run out of chocolate coins. If you use them for promotional events and other events at work, it’s extremely important that you have them on hand whenever you need them. Keep that bulk order coming, and you will always have your coins on hand, no matter what might happen.

It Helps You to Go Green

In today’s world, going green is more important than it has ever been in the past. Bulk buying is said to shrink the carbon footprint of product packing, and that is saying a lot.

These are just a couple of reasons that you should buy your chocolate coins in bulk. For more information, contact the professionals at Chocolate Coinz today for help with your order.

Turkish ship on fire off Croatia

Thursday, February 7, 2008

Croatia’s sea and transport ministry said the UND Adriyatik, a Turkish freight ship caught fire in the Adriatic Sea 13 nautical miles west of the town of Rovinj on the early morning hours of February 6, 2008. An SOS was launched at 4.04 local time. It said that the 193-metre long ship was sailing from Istanbul in Turkey to Trieste in Italy and was carrying 200 trucks and nine tons of dangerous material, in addition to between 100 and 200 tons of ship fuel, causing fears of environmental damage. An official said Croatian fire-fighting planes and ships were trying to extinguish the blaze. As the fire started inside the ship, there was no way of extinguishing it from the outside. The ship’s 22 crew members and nine passengers were rescued by the Greek ship Ikarus Palace that was sailing nearby and were on their way to Venice.

There were fears of an explosion if the fire was to reach the fuel tanks. Also, the water currents were pushing the ship towards the Croatian coast. However, reports said the fire was diminishing by the end of the day.

Body found on jetliner from China to United States

Friday, July 20, 2007

A body was found in the nose gear of a United Airlines 747 jet from Shanghai, China, which arrived in San Francisco at 7:42 a.m. (PST).

According to San Mateo County Coroner Robert Foucrault, the man appeared to be Chinese and in his 50s, and had sustained several injuries prior to his death. Foucrault says that the man could have died from lack of oxygen, hypothermia, or being crushed by the landing gear.

The man, currently unidentified, entered the plane’s wheel well, and attempted to stowaway, making him the 65th similar stowaway attempt, and the 59th death resulting from the attempts, according to the Federal Aviation Administration.

Robber holds retired NYC police officer at gunpoint during convention

Sunday, March 29, 2009

John Comparetto, a retired New York City Police Department lieutenant, was held at gunpoint on Friday morning by an armed nineteen year old in a hotel bathroom who demanded Comparetto’s money and cellphone.

Comparetto handed over both to the thief. When the criminal took off with the money, Comparetto drew his gun from an ankle holster and immediately chased after the robber. Comparetto asked the hotel desk clerk which way the suspect went, and told the clerk to alert officers at a police convention that a fellow policeman was “in need of assistance”.

A police officer’s convention was being held at the Holiday Inn near Harrisburg Friday for 300 narcotics police officers in attendance from Pennsylvania and Ohio.

The teen departed the scene in a taxi cab outside the hotel.

Comparetto said, “I stopped the cab at gunpoint. Ten other cops came running out and we arrested probably the dumbest criminal in Pennsylvania.”

Jerome Marquis Blanchett is being held at Dauphin County Prison following his arrest.

China responds to US plan for import quotas

Tuesday, April 5, 2005

China is questioning a decision by the U.S. Commerce Department that seeks to re-impose trade quotas on Chinese textiles. The three-decade long system of quotas was lifted on January 1.

“This is not reasonable,” Foreign Ministry spokesman Qin Gang told reporters. “This is unfair. This is protectionist.”

The U.S. administration justified their decision by presenting data which showed increases of over one thousand percent for cotton knit shirts and cotton trousers. The administration also cited a 300 percent increase of imports of underwear.

Qin disputed the U.S. reasoning for the decision.

“The major reason for this issue is that the United States has over-protectionist, irrational and unreasonable arrangements,” he said.

“Other countries that are more competitive will still take over from China, and the US can’t impose safeguards on those countries,” Peter Liu, chairman of the textiles and apparel committee at the American Chamber of Commerce, told the Financial Times in Hong Kong. “Obviously, the US textile industry has concerns about job elimination, but on the other hand there are a lot of US industries that like to do business with China by exporting to China. If this escalates into a trade war, that’s to nobody’s benefit,” he said.

The U.S. Association of Importers of Textiles and Apparel (AITA) also supports China’s product imports.

“There is no reason to believe that imports of these products from China are causing market disruption,” AITA spokeswoman Laura E. Jones said.

The U.S. administration cited a need to avoid “market disruption.”

“Free trade must be fair trade, and we will work to ensure that American manufacturers and workers compete on a level playing field,” read a statement issued by U.S. Commerce department spokeman Carlos M. Gutierrez. “The decision is the first step in a process to determine whether the U.S. market for these products is being disrupted and whether China is playing a role in that disruption.” The statement also said the administration was “providing assistance to our domestic textile and apparel industry consistent with our international rights and obligations.”

“We are very pleased that the government is taking this action,” Lloyd Wood, a spokesman for the American Manufacturing Trade Coalition told The New York Times. “It sends a strong message to China that predatory trade practices will be investigated.”

The U.S. Committee for the Implementation of Textile Agreements issued its decision on Monday, under the rules of the World Trade Organization (WTO). China joined the WTO in 2001.

Shirts, trousers, and underwear are one of the few remaining types of clothing manufactured in the United States. The United States is running an all-time high trade deficit with China of US$162 billion.

Zimbabwe cancels education year for 4.5 million after political and economic troubles

Thursday, October 9, 2008

Zimbabwe’s 4.5 million students will not receive what was once the golden standard of education in Africa—or any education at all this school year.

Political violence during the country’s recent presidential elections hit schools hard with strikes, murder and violence against teachers, and looting. Some schools were turned into places of torture after teachers were driven out.

The country’s educators were targeted by Zimbabwe’s ZANU-PF party, for alleged support of the opposition.

Now the country faces a second crisis due to economic troubles and an inflation rate of two trillion percent. The few teachers still around have seen their salaries made worthless and are unable to acquire teaching supplies. “We don’t even have chalk, or red pens, never mind books,” says Amos Musoni, one of the few teachers still working. Schools like the one where Musoni works have given up educating and simply entertain the children before sending them off for lack of equipment.

Not even Zimbabwe’s four top universities have been spared. The universities have been unable to open without funds, water, or electricity, like many public schools. College students, unable to register, are left waiting for more information.

Pass rates in the nation went from 72 to eleven percent, with many schools not seeing even one pass. Schools in the countries have not been able to prepare students for tests without timetables or even the results from last year.

Creator of G.I. Joe action figure to create a line of Bible-themed toys

Tuesday, May 15, 2007

According to the Christian Post, Don Levine, the creator of the G.I. Joe, will be creating a line of action figures based on characters from the Old Testament. Released this month are action figures of Samson, David, Noah, Moses, and dolls of Queen Esther and Deborah the Warrior. The toys come with their own Bible storybook. By the fall, the line will expand to 35 products. Levine has began developing a DVD series and television show.

While certainly not the first action figures, dolls, or animated programs based on Biblical characters, it is perhaps the first to launch with a full-fledged licensing program. Already a comic book, narrated CDs, wallet, flashing pins, dog tags, and necklaces have been released.

Levine created G.I. Joe for Mattel in 1963, after a licensing agent suggested soldier figures might have the same success as their Barbie line.

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