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The Joe Niece Team....The Results of Experience

Minnesota Minnesota Short Sale Information and Advice. Let us help you now, Call us at 612-305-8487.

E-mail Joe Niece about your situation

What is best, a Minnesota Short Sale versus a Minnesota Loan Modification versus a Minnesota Foreclosure? This is a pretty tough question and depends on a Minnesota homeowners situation but lets look at all of them.

First we need to determine if you are a good candidate for a Short Sale? If you are a good candidate then we can list, sell and negotiate the short sale of your home and your bank will pay our commission. As Minnesota's Short Sale specialists, we have worked with every lender in Minnesota including yours, and they have paid our commission every time.

Don't do this by yourself. We can help you if you are willing to call 612-508-4100.
Let's find out what chance you have of being successful doing a short sale with your lender?

Calculate your chance of a successful short sale

The benefits of a Minnesota short sale can be many:

1. The ability to sell a Minnesota home that is underwater.
2. Not owing money on a Minnesota home that you do not own anymore.
3. Not becoming a Minnesota Foreclosure.
4. Minimize the damage to your credit.
5. Ability to buy a home sooner.
6. Take advantage of the 1099 income law
6. Moving on with your life.

The Benefits of a Minnesota Loan Modification are great, but can you get one?
1. Lower Payment
2. Keep your home.
3. Minimal damage to your credit.

The Benefits of a Minnesota Foreclosure are much fewer.
1. Get rid of your Minnesota home.
2. Take advantage of 1099 income law.

A Minnesota Loan Modification is when a lender changes the terms of your loan. Nationwide, only 4% of people that were looking for a Minnesota Home Loan Modification qualified to have the amount they owe on their Minnesota home reduced. The remaining 96% were dragged along for months and years with the hope of a principal reduction or some sort of payment reduction.

The most common loan modifications seem to be a two year reduction of the interest rate that then increases as time goes by until it hits a fixed rate set by the bank. The rate in most cases is lower then the rate the homeowners had before the loan modification.

For the lucky homeowners that received a Minnesota Loan Modification, 53% of them default within six months of the modification. Why would the default rate be so high when they are paying less then when they started?

Many Minnesota homeowners realize after the Minnesota Home Loan Modification that they are still 30-50% upside down on their home. Most Minnesota Homeowners found out at the end of the loan modification process that they would not be getting a principal reduction. They were crushed and demoralized after working, in many cases for over a year, for a loan modification with a principal reduction. They can not sleep at night with thought of getting nothing after hundreds of frustrating calls and transfers and hour upon hour of hard work. Due to this, they agree to what ever the bank offers for a loan modification.

The wake up the next day and start to realize what the Minnesota Loan Modification actually means to them. They are living in a Minnesota home that will be upside down for the next decade. The thought of living with an axe over their head for the next 10 years in an upside down home is unbearable. The loss of a job, sickness, job transfers, etc will force them back into a Minnesota Short Sale or Minnesota Foreclosure situation. They realize that the benefit of not having to pay 1099 income on the loss to the bank ends in less then two years. They would be in ten times worse shape if they stay in the home and have to owe the IRS tens of thousands of dollars.

The default rate in the US for the homeowners that received a non principal loan modification is a staggering 53% within six months of the Minnesota Home Loan Modification. The default rate is still around 25% even for the homeowners that received a Loan Modification with Principal Reduction.

The biggest lesson to take from all of this is to make sure that you think start the loan modification program knowing that you are not going to get a principal reduction. If you do, great but you will be the first person in Minnesota that I have heard get one. If you go into the process assuming that you are going to owe the money you owe, and planning on staying in the home until you can sell it, then you will be happy and your default rate will be low.

The next lesson is to realize that you have a very small target that you need to hit in order to get a lower interest rate. The are looking to lower your first mortgage payment with taxes and insurance to around 38% of your gross income. They are not taking your second, third, etc mortgage into account.

If your debt to income ratio is to high because of other debt,they will have to deny you.

If you do not have enough income to have a thirty year payment that is under 38% with a 2%-5% interest rate then they will have to deny you also. They have to be able to collect the loan and are not going to give you a 0% interest rate or reduce your principal so you can afford the home.

They can not give you a loan modification if you do not have income. If you lost your job, how can you pay anything?

In the end, look at your income, the amount you owe, your ability to stay in the home for 5-10 years and then decide what route you need to take. The bank does not want your home but they can also not give you a free ride. If you would like to chat, click here.

A Minnesota Short Sale is when a home owner owes more for their Minnesota home then it will sell for but need to sell it. If you are in danger of falling behind on your mortgage payments or have already fallen behind on paying your Minnesota homes mortgage payments then you should consider a Minnesota Short Sale. This will allow you to sell your home, avoid foreclosure, and damage your credit less, and for a shorter time then if you let your Minnesota home fall into foreclosure.

Now realize that there are a few situations that would warrant letting your home become a Minnesota Foreclosure but you need to talk to a Minnesota Foreclosure an they will be able to give you the information needed to determine which is best for you.

Minnesota Short Sale help is available to Minnesota home owners that are facing Minnesota Foreclosure. Everyday more and more home owners are falling behind on their mortgage payments. The internet is full of contradicting information and the average homeowners does not know where to turn. If you are worried about becoming an Minnesota Foreclosure then you need to talk to an Minnesota Short Sale agent. If you do nothing, you will end up as a Minnesota Foreclosure, you may end up with a judgment from your other mortgages and could end up owing your private mortgage insurance company thousand of dollars.

HAFA or Home Affordable Foreclosure Alternatives Program

Do You Qualify?

The Home Affordable Foreclosure Alternatives (HAFA) Program is the governments program to help homeowners avoid foreclosure.

HAFA gives incentives to lenders and $3000 to homeowners to allow and complete a short sale or deed-in-lieu of foreclosure.

Use the tool below to determine your eligibility:

Section 1 HAFA Questionaire

Is your loan owned or guaranteed by Fannie Mae or Freddie Mac?

Is the property your principle residence?

Is the Mortgage a first mortgage that closed before Jan 1 2009?

Have you missed payments or will you soon miss a payment?

Is your current unpaid balance less then $729,751?

Do your total monthy mortgage payments exceed 31% of your gross income?

Section 3 Borrower Information

Main Mortgage Borrower Name:

Home Phone Number:

Email Address:

Mortgage Property Address:

City                                          State, Zip Code


Please press only once.

HAFA Homes Affordable Foreclosure Alternative