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

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

E-mail Joe Niece about your situation
Calculate your chance of a successful short sale



A MN short sale is when a lender agrees to discount a loan balance that may or may not be delinquent, due to a hardship either economic or financial on the part of the owner located in Mn. This Short Sale negotiation is all done through a series or back and forth communication with a bank's Loss mitigation department. Most housing agencies agree that find a experienced agent that has delt with short sales in Mn is the best option. If you can find a short sale agent that also has a
 What is a Minnesota CDPE or a Minnesota Certified Distressed Property Expert CDPE Designation it will even be better. The home owner/debtor sells the Minnesota mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.





Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation.

A short sale in MN typically is executed to prevent a home foreclosure. Often a bank will choose to allow Minneapolis property to short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history and the partial control of the monetary deficiency. Additionally, a short sale is typically faster and less expensive in Minnesota than a foreclosure in Minnesota due to the redemption laws. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount.

Joe Niece is a Mn Short Sale Expert   It goes with the territory since he is a trained professional negotiator. He has done more Mn short sale transactions in the past five year then most agents will do in their lives.
Learn More about Short Sales

2013 SHORT SALE UPDATE !!!!!!
1. Foreclosure inventory down by up to 75%

2. Short Sale inventory down by up to 50%

3. Interest rates up 25-35%

4. Fed indicates that they will soon stop buying bonds. In Nov of 2008 the Fed started buying bonds and interest rates dropped dramatically almost overnight.

5. The impact this will have on the real estate market will be catastrophic. Rates should shoot up to almost 6% and most likely will not level off until they hit 7.0-7.5%.

6. Homes will see a decrease in value ranging from 10-30% depending on a homes specific area

7. My advice is to sell your home now if you plan to sell in the next 2-5 years

8. If you are buying with a loan, make sure and purchase your next home within the next 6-18 months so you can lock in a much lower interest rate over the next 15-30 years

9. If you are planning on doing a short sale, start as soon as possible so that you are stuck in a market where the values are falling dramatically each month



2012 UPDATE !!!!!! March 9th 2012
HAFA Extended to December 31st 2013
Key Points of the new update:
1. No Longer any Occupancy Requirements-You don't have to be living in the home
2. $3,000 Relocation with HAFA now both Owner Occupied and Tenant Occupied at the time of sale.
3. Seller may make full payments to servicers even if the amount is over 31%, keep current and Qualify for HAFA
4. 2nd Lien Holders can get up to 8,500
5. Credit Reporting will now be one of the following:
a. Account Status Code 13-Paid or closed account, zero balance
b. Account paid in full, a foreclosure was started.

In 2012 I have changed my belief as to what determines if a homeowner will be successful with their short sale.
1. Who you pick to help you with your short sale.
2. Who your lender is.
3. What your hardship is.

I know that seem crazy but almost all of the horror stories I hear were caused by the agents or negotiators not understanding the process or not being experienced enough.

Traditional Short Sale

A short sale occurs when your property is sold at a price lower than the amount you owe on the mortgage, and your lender agrees to the "short" payoff. A short sale becomes an option if you are behind on your mortgage payments, you want or need to leave the property and do not have the funds to pay the difference between the net proceeds from the sale of your home and the mortgage. For delinquent homeowners and lenders, short sales provide a way to avoid many of the costly impacts of foreclosure.

A short sale may make sense if you:

Do not qualify for any options to keep your home, including HAMP, forbearance and reinstatement.
Owe more on your loan than the home is worth.
Don't think you can sell your home at a price that would cover your loan amount.

Home Affordable Foreclosure Alternatives (HAFA)

If you can no longer afford your mortgage and are interested in transitioning out of your home to more affordable housing, you may be eligible for a short sale through the federal Home Affordable Foreclosure Alternatives (HAFA) , a component of the federal Making Home Affordable Program. With this option, you will avoid some of the negative effects of foreclosure and may be eligible to receive a payment of $3,000 to help you move to a new home.

A HAFA short sale may make sense if you:

Have a loan that is owned by Freddie Mac, Fannie Mae or a participating investor.
Do not qualify for, or did not complete a trial period plan through, HAMP.
Took out your mortgage on or before January 1, 2009.
Are behind on your mortgage payments.
Spend more than 31 percent of your pre-tax income on your mortgage payment (including principal, interest, taxes, insurance and homeowner's association dues).
Are unable to afford your mortgage payments because of a documentable financial hardship.


You may be eligible for the Home Affordable Foreclosure Alternatives program if:

the property is your current principal residence, OR the property has been vacant or rented out for less than 12 months, and you have not bought another principal residence during that time.

the amount you owe on your first mortgage for your property is equal to or less than:

$729,750 for 1 unit
$934,200 for 2 units
$1,129,250 for 3 units
$1,403,400 for 4 units


you owe more on your home than it’s worth

your current mortgage was taken out on or before January 1, 2009

you are experiencing a hardship (such as a job loss, divorce or medical emergency) and are unable to afford your current home loan
(For loans not owned by Fannie Mae or Freddie Mac)
All servicers that have signed agreements with the U.S. Department of the Treasury (Treasury) to participate
in the Home Affordable Modification Program (HAMP) must consider eligible borrowers who do not qualify
for HAMP for other foreclosure prevention options including the Home Affordable Foreclosure Alternatives
program which includes short sale and deed-in-lieu. However, each servicer has some discretion in determining
additional eligibility criteria and certain program rules.



Mn Short Sale versus Mn Foreclosure, which is the best option? In almost all cases, a Mn Foreclosure is a bad option if you have the choice of doing a Mn Short Sale. Why is this? If you think about it, it starts to make more sense.

Let's look at the differences between a Mn Short Sale and a Mn Foreclosure. A Mn Short Sale is when you need to sell but owe more then your home will sell for. The process similar to a normal sale in some ways.

1. You need to sell. (same)

2. Your home is worth less then you can sell it for. (different)

3. You contact a Realtor. If you are looking in Minnesota, you can contact us. Do not use a Realtor that does not have free information and/or Short Sale video on their website about Mn Short Sales. The choice you make when picking a Realtor will in most cases determine if you will be successful or not with your short sale. Find someone like us that has helped hundreds of homeowners with their foreclosure or short sale needs versus 99% of the agents that have done less then five short sales. This will increase your chances of being successful from about 30% to about 90%. (similar)

4. You negotiate with the bank if you chose a bad Realtor or we negotiate if you picked us. Most people agree that negotiating for yourself has some very big negatives but you need to do what you are comfortable with. (different)

5. We negotiate for the bank to pay your closing costs and fee's. (different)

6. Your lender pays your Realtor fee's (different)

7. You sign at closing to sell your home. (same)

If you are missing your payments and you do nothing, you will most likely end up as a Foreclosure in Mn. The process can take five weeks, it can take nine months, it can take a year depending on your situation. Once your redemption period ends, you must leave your home. Let's talk about the main problems with letting your home become a Mn foreclosure versus a Mn Short Sale.

1. The bank does not want to force you into foreclosure. It is much better for them to allow you to do a Mn short sale versus ending up as a Mn Foreclosure. They will work with you if you just follow the instructions that they give you.

2. A Mn Foreclosure will double or triple the time it will take for you to fix your credit and get another loan on a home. This might be far down on your list now but why ruin your credit for longer then you have to.

3. If you have private mortgage insurance, the private mortgage insurance company may pay part or all of the money that the bank loses. The problem is that they will come after you once you have become a Mn Foreclosure. Having a collection agency going after you for ten or more years may not seem like a great option to most people.

4. If you have more then one loan, the junior lien holders are still owned the money they have lost after you Mn Home Forecloses. They can and will come after you and file a deficiency judgment which you will have to pay. If you do a Mn short sale instead, we can get the second mortgages to settle.



Minnesota Shortsale Hardship Letter Samples

Let a Andover Minnesota Short Sale Expert help you now, Call Joe Niece at 612-305-8487.

E-mail Joe Niece about your situation

Short Sale Information in other Minnesota Cities

Home Value Minnesota - Minnesota House Value - Minnesota Short Sales - Minnesota Real Estate - - Minnesota Foreclosure
Afton Short Sales - - Afton Foreclosure
Andover Short Sales - Andover Foreclosure
Anoka Short Sales - Anoka Foreclosure
Apple_Valley Short Sales - Apple Valley Foreclosure
Arden_Hills Short Sales - Arden Hills Foreclosure
Bayport Short Sales - Bayport Foreclosure
Belle_Plaine Short Sales - Belle Plaine Foreclosure
Bethel Short Sales - Bethel Foreclosure
Big_Lake Short Sales - Big Lake Foreclosure
Blaine Short Sales Blaine Foreclosure
Bloomington Short Sales Bloomington Foreclosure
East_Bloomington Short Sales East Bloomington Foreclosure
West_Bloomington Short Sales West Bloomington Foreclosure
Brooklyn_Center Short Sales Brooklyn Center Foreclosure
Brooklyn_Park Short Sales Brooklyn Park Foreclosure
Buffalo Short Sales Buffalo Foreclosure
Burnsville Short Sales Burnsville Foreclosure
Cambridge Short Sales Cambridge Foreclosure
Carver_County Short Sales Carver County Foreclosure
Centerville Short Sales Centerville Foreclosure
Champlin Short Sales Champlin Foreclosure
Chanhassen Short Sales Chanhassen Foreclosure
Chaska Short Sales Chaska Foreclosure
Circle_Pines Short Sales Circle Pines Foreclosure
Columbia_Heights Short Sales Columbia Heights Foreclosure
Coon_Rapids Short Sales Coon Rapids Foreclosure
Cottage_Grove Short Sales Cottage Grove Foreclosure
Crystal Short Sales Crystal Foreclosure
Denmark Short Sales Denmark Foreclosure
Deephaven Short Sales - Deephaven Foreclosure
Eagan Short Sales - Eagan Foreclosure
Eden_Prairie Short Sales - Eden Prairie Foreclosure
Edina Short Sales - Edina Foreclosure
Elk_River Short Sales - Elk River Foreclosure
Elko Short Sales - Elko Foreclosure
Excelsior Short Sales Excelsior Foreclosure
Falcon_Heights Short Sales Falcon Heights Foreclosure
Farmington Short Sales Farmington Foreclosure
Forest_Lake Short Sales Forest Lake Foreclosure
Fridley Short Sales Fridley Foreclosure
Golden_Valley Short Sales Golden Valley Foreclosure
Goodhue_County Short Sales Goodhue County Foreclosure
Gull Lake Short Sales Gull Lake Foreclosure
Ham_Lake Short Sales Ham Lake Foreclosure
Hastings Short Sales Hastings Foreclosure
Hennepin Short Sales Hennepin Foreclosure
Hennepin_County Short Sales Hennepin_County Foreclosure
Hennepin_North Short Sales Hennepin_North Foreclosure
Hilltop Short Sales Hilltop Foreclosure
Hopkins Short Sales Hopkins Foreclosure
Hugo Short Sales Hugo Foreclosure
Hutchinson Short Sales Hutchinson Foreclosure
Inver_Grove_Heights Short Sales Inver_Grove_Heights Foreclosure
Isanti_County Short Sales Isanti_County Foreclosure
Jordan Short Sales Jordan Foreclosure
Lake Calhoun Short Sales Lake Calhoun Foreclosure
Lake_Elmo Short Sales Lake_Elmo Foreclosure
Lake Harriet Short Sales Lake Harriet Foreclosure
Lake Independence Short Sales Lake Independence Foreclosure
Lake Minnewashta Short Sales Lake Minnewashta Foreclosure
Lake_Minnetonka Short Sales Lake_Minnetonka Foreclosure
Lake Nokomis Short Sales Lake Nokomis Foreclosure
Lake Waconia Short Sales Lake Waconia Foreclosure
Lakeland Short Sales Lakeland Foreclosure
Lakeville Short Sales Lakeville Foreclosure
Lauderdale Short Sales Lauderdale Foreclosure
Le_Sueur_County Short Sales Le_Sueur_County Foreclosure
Leech Lake Short Sales Leech Lake Foreclosure
Long Lake Short Sales Long Lake Foreclosure
Lotus Lake Short Sales Lotus Lake Foreclosure
Lexington Short Sales Lexington Foreclosure
Lilydale Short Sales Lilydale Foreclosure
Lino_Lakes Short Sales Lino_Lakes Foreclosure
Maple_Grove Short Sales Mendota_Heights Foreclosure
Maple Lake Short Sales Maple Lake Foreclosure
Maplewood Short Sales Maplewood Foreclosure
Mayer Real Estate - Mayer House Values - End Cut Out Links -->Mayer Short Sales Mayer Short Sales Mayer Foreclosure
McCleod_County Short Sales McCleod_County Foreclosure
Medicine Lake Short Sales Medicine Lake Foreclosure
Medina Short Sales Medina Foreclosure
Mendota_Heights Short Sales Mendota_Heights Foreclosure
Minneapolis Short Sales Minneapolis Foreclosure
Minneapolis Calhoun Isles Short Sales Minneapolis Calhoun Isles Foreclosure
Minneapolis Camden Short Sales Minneapolis Camden Foreclosure
Minneapolis Central Short Sales Minneapolis Central Foreclosure
Minneapolis Longfellow Short Sales Minneapolis Longfellow Foreclosure
Minneapolis Nokomis Short Sales Minneapolis Nokomis Foreclosure
Minneapolis North Short Sales Minneapolis North Foreclosure
Minneapolis Northeast Short Sales Minneapolis Northeast Foreclosure
Minneapolis Phillips Short Sales Minneapolis Phillips Foreclosure
Minneapolis Powderhorn Short Sales Minneapolis Powderhorn Foreclosure
Minneapolis Southwest Short Sales Minneapolis Southwest Foreclosure
Minneapolis University Short Sales Minneapolis University Foreclosure
Minnetrista Short Sales Minnetrista Foreclosure
Minnetonka Short Sales Minnetonka Foreclosure
Minnetonka_Beach Short Sales Minnetonka_Beach Foreclosure
Mound Short Sales Mound Foreclosure
Moundsview Short Sales Moundsview Foreclosure
New_Brighton Short Sales New_Brighton Foreclosure
New_Hope Short Sales New_Hope Foreclosure
New_Market Short Sales New_Market Foreclosure
New_Prauge Short Sales New_Prauge Foreclosure
New_Prague Short Sales New_Prague Foreclosure
Newport Short Sales Newport Foreclosure
North_Saint_Paul Short Sales North_Saint_Paul Foreclosure
Northeast Anoka County Short Sales Northeast Anoka County Foreclosure
Northeast Minnesota Short Sales Northeast Minnesota Foreclosure
Northern Chisago County Short Sales Northern Chisago County Foreclosure
Northern Minnesota Short Sales Northern Minnesota Foreclosure
Northfield Short Sales Northfield Foreclosure
Northwestern Anoka County Short Sales Northwestern Anoka County Foreclosure
Oakdale Short Sales Oakdale Foreclosure
Orono Short Sales Orono Foreclosure
Osseo Short Sales Osseo Foreclosure
Pine Springs Short Sales Pine Springs Foreclosure
Plymouth Short Sales Plymouth Foreclosure
Prior_Lake Short Sales Prior_Lake Foreclosure
Ramsey Short Sales Ramsey Foreclosure
Ramsey County Short Sales Ramsey County Foreclosure
Red Rock Lake Short Sales Red Rock Lake Foreclosure
Rice County Short Sales Rice County Foreclosure
Richfield Short Sales Richfield Foreclosure
Robbinsdale Short Sales Robbinsdale Foreclosure
Rochester Short Sales Rochester Foreclosure
Rosemount Short Sales Rosemount Foreclosure
Roseville Short Sales Roseville Foreclosure
Saint_Louis_Park Short Sales Saint_Louis_Park Foreclosure
St_Louis_Park Short Sales St_Louis_Park Foreclosure
Savage Short Sales Savage Foreclosure
Scott County Short Sales Scott County Foreclosure
Shakopee Short Sales Shakopee Foreclosure
Sherburne County Short Sales Sherburne County Foreclosure
Shoreview Short Sales Shoreview Foreclosure
Shorewood Short Sales Shorewood Foreclosure
Sibley County Short Sales Sibley County Foreclosure
South Dakota Short Sales South Dakota Foreclosure
Spring Lake Park Short Sales Spring Lake Park Foreclosure
St Paul Short Sales St Paul Foreclosure
St Paul Capital Heights Short Sales St Paul Capital Heights Foreclosure
St Paul Central Short Sales St Paul Central Foreclosure
St Paul Como Short Sales St Paul Como Foreclosure
St Paul Crocus Hill Short Sales St Paul Crocus Hill Foreclosure
St Paul Daytons Bluff Short Sales St Paul Daytons Bluff Foreclosure
St Paul Downtown Short Sales St Paul Downtown Foreclosure
St Paul Hazel Park Short Sales St Paul Hazel Park Foreclosure
Saint_Paul Short Sales Saint_Paul Foreclosure
St Paul Highland Area Short Sales St Paul Highland Area Foreclosure
St Paul Hillcrest Short Sales St Paul Hillcrest Foreclosure
St Paul Home Croft Short Sales St Paul Home Croft Foreclosure
St Paul W 77th Short Sales St Paul W 77th Foreclosure
St Paul Mac Groveland Short Sales St Paul Mac Groveland Foreclosure
St Paul River Road Short Sales St Paul River Road Foreclosure
St Paul Phalen Short Sales St Paul Phalen Foreclosure
St Paul Riverview Short Sales St Paul Riverview Foreclosure
St Paul Cherokee Short Sales St Paul Cherokee Foreclosure
St Paul Southeast Short Sales St Paul Southeast Foreclosure
St Paul SE Short Sales St Paul SE Foreclosure
St Paul St Anthony Short Sales St Paul St Anthony Foreclosure
St Paul Midway Short Sales St Paul Midway Foreclosure
St Paul Town and Country Short Sales St Paul Town and Country Foreclosure
St Paul Merriam Park Short Sales St Paul Merriam Park Foreclosure
St Paul Park Short Sales St Paul Park Foreclosure
St Anthony Short Sales St Anthony Foreclosure
Stillwater Short Sales Stillwater Foreclosure
Sunfish Lake Short Sales Sunfish Lake Foreclosure
Ten_Mile_Lake Short Sales Ten_Mile_Lake Foreclosure
West Central Minnesota Short Sales West Central Minnesota Foreclosure
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Victoria Short Sales Victoria Foreclosure
Wayzata Short Sales Wayzata Foreclosure
Western Iowa Short Sales Western Iowa Foreclosure
Western Wisconsin Short Sales Western Wisconsin Foreclosure
White Bear Short Sales White Bear Foreclosure
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Woodbury Short Sales Woodbury Foreclosure
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Wisconsin Short Sales Wisconsin Foreclosure