In Canada, If you are refinancing your mortgage and you have enough equity accumulated, you can consolidate other debts into your mortgage. However, if you are purchasing a home, you cannot roll other debts into your mortgage unless you get a 5% cash-back mortgage to pay off other debts. Call me to discuss. James Shinners. Mortgage Managers. www.mortgagemanagers.ca 1-877-996-6677.

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It's a short sale and the fence is iron with a rolling gate. they want to take the fence with them when they leave.

If they add it to the sales contract that the bank signs and agrees to, as well as the buyer they can take the fence. If it is not mentioned and it is installed (stakes inside the ground) it is a fixture that stays, like the kitchen sink. You can take anything though, even the sink, if all parties agree to exclude it from the sale. In a short sale the bank is one of the parties that must agree.

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We are delinquent and to avoid foreclosure we are going to try a short sale, but my sister did this and 9 months later after only one offer that was denied by her bank, her home is being auctioned off this month and i want to try and make sure i get more than one offer. are there any tips to get things rolling?

Under normal conditions the lender would require the services of a real estate agent in assisting the home owner the application and approving a short sale. Once your application for a short sale has been approved this real estate agent would be charged with the marketing and selling of the property. You might assist in the real estate agent, however, the primary person responsible for the sale is the real estate agent. You are the one that select the real estate agent, therefore you should interview this real estate agent to insure they are very competent at short sales and your property is not their first rodeo. In today's market there are many real estate agents that are well versed in the method, procedures and processing a short sale. I hope this has been of some benefit to you, good luck. "FIGHT ON"

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Lets say i can only sell my house for $15k less than what i currently owe, but the house i want to buy in another market is on sale for 90k and the value estimate is 110k. is this workable? i dont want to short sale.

There are 2 questions here. First, NO you can't roll over the amount of money you are underwater on the old house. YOu have to either get them to agree to a short sale or pay it at settlement. 2nd question is about using the "equity" in the new house. When you are purchasing a house, the sales price will determine value for the loan. In your case, the 90,000 is used for loan LTV, etc.

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I tried to make arrangements with the collection company but they want 10,000 up front we just lost everything due unforseen circumstances i can pay a monthly fee and have rolled all other debt into dept relief what can i do

My first question is to ask you to clarify your definition of the word "sold"...Has the sale actually closed? If, so... Did your Lender contractually agree to "erase" the balance between your debt to them and the short sale price? If so... It is possible that you are receiving calls from a debt collector or debt mitigation firm/department that was brought in by your Lender PRIOR to the final closure of your sale. You should consult your final officially recorded contract and/or contact your Lender to make sure that it is not just a lag in paperwork that is causing you to be contacted for a debt that you have already settled. Be extra cautious about fraud and scams that take advantage of people in foreclosure and/or short sale negotiations by pretending to be authorized to collect funds from the Seller. NEVER negotiate with or pay a debt collector by telephone. Always insist that any and all dialogue between yourself and the collector shall be conducted by US Postal Service only! Federal mail fraud laws can provide you some protection and recourse for USPS mail, while there may be far less enforcable protection for fraudulent correspondence delivered by other carriers such as UPS, FedEX, etc... Just tell the callers to write you at the address that they have on record (don't even say what address that may be) and HANG UP!! If you did agree at closing to pay the difference between the sales price of the home and the actual amount owed.... It speaks for itself. Lenders sometime offer this solution to a borrower/Seller in order to allow both the lender and borrower to cut losses and dispose of a property that is not worth what is owed on it. The lender may have several loans out in your area that exceed the value of the properties upon which they are secured. For the lender, not only would foreclosure be costly but it could further drag down the security value of other mortgages in the area.From a Buyer's point of view, a short sale is usually a complicated nuisance to go through in order to purchase a property at market value A seller is probably fortunate if the lender cooperates in the facilitation of a short sale. Both the Seller and the Lender are undoubtably fortunate to have a patient Buyer who is willing to risk an investment in a recessed market. The point is that: Your Lender may have removed its liens on the property in order to allow a clean title for a new buyer, but YOU may still owe the difference between YOUR debt and the selling price on the home! You mention that you rolled up all of your other debt into debt relief. How is it that the "short" amount on the sale of your home was not part of this roll-over consideration? Since you say that you can pay a monthly fee to the debtors, I would suggest that you ask some trusted friends and family members for the name of a good financial attorney and use a few of those "monthly fees" to pay for some good specific local legal advice! I admire the fact that you seem to wish to pay your bills. Those in my circles have been alarmed for quite some time at the amateur house flipping and irresponsible lending activities that have become so popular. It was inevitable that the biggest losers would be the hardworking folks who invested their lifelong savings into portfolios managed by the most ignorant and/or greedy in their fields (who doled out undersecured loans with one hand and traded in quick in-an-out schemes with the other), and those who were sold the "new" American Dream of selfish consumerism and pretentious living beyond their means who put whatever they could borrow into the frienzied game near its inevitable crashing end. We shall all pay for this in the long run. Let us hope that most of us shall do our part to reconcile our own debts, prosecute those who have committed actual crimes, and learn from this awful mistake. Good Luck and Bless YOU!!!

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I live in michigan unfortunately am soon going to be unemployed. (auto industry) i live in a manufactured home and owe significant amount more than what i will get for it. to the tune of $30k. i know that it is treated much like a vehicle and not real estate. repo is a possibility if i cant find a buyer to short sale. either way i will a have a deficiency judgement. if so i am willing to pay what i owe back to the bank but would like to know how long this will stay on my credit and if i set up a payment plan with the bank, will it still roll off my credit in 7 years or will it stay on my credit report till it is paid off? i would like to avoid bankruptcy at all costs. even with a payment plan i dont think the whole balance will be payed off in 7 years. i have never had credit problems in the past and have excellent credit now but after a loss of job. wont be able to make full payments. will past credit history help? help plz

It will stay with you for 6 years and 9 months (7 years) from the "occurance date." The "occurance date" is the date the payment is due for. You should discuss it with the finance company. Many companies will not report the deficiency, or pursue judgment as long as you make and maintain payment arrangements.

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We signed a contract for $132,000 which was the asking price on a home. it is my understanding that the amt is about $8,000 less than what the sellers owe on the home so it is a short sale situation. looking at the appraisal info for the home on the county tax website it looks like the value of the home is about $152,000. is it likely the lender will approve the sale of the home to us? we did not know it was a short sale until we had already signed a contract and got the ball rolling financially. the inspections have already checked out and an appraisal has been ordered. thanks!

Bank will generally aprove 80-90% of value...Good luck!

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My fiancee and i purchased our first house in june 2008.we had wonderful jobs and so we figured it was right to buy a wonderful new home. well in january 2009 my fiancee lost his job. he didn't find a job until recently in october 2009 but he's making about 1/6 of what he was making before. the bills have been rolling in we are now about 5 months behind on our credit card bills, we have spent all of our savings and his 401k. we have absolutely no money left , we are literally living check to check. now the big problem we have managed to stay up to date with our mortgage payments until now. we have not paid this months mortgage. he works in the oil industry and i have been thinking about relocating somewhere for a better job.so i have been doing research on what we could do about it. i came across the whole short sale ordeal. we need something that would help us with our upside mortgage. we have not gotten our house appraised since we got it but i know its less then what we owe because we bought it at a very high price. has anyone been through a short sale? i would like your thoughts and feeling about the whole ordeal. how long did it take? after wards did you feel like you did the right thing?etc.

Great questions. I'm an investor so I've been through lots of short sales. My honest advice is that it's a last resort, not a first resort. If you have other options available to you first, take them. Since you may not have any other options, I wanted to give you some short sale specifics. I copied part of this FAQ from our website on investing short sales as from the perspective of an investor giving information to a seller but it's all factual. What happens to my credit rating? What typically happens is the loan will show up as "paid" on their credit report; however there will be a notation that says "settled for less than originally owed" or something along these lines. It is more favorable for a homeowner to short sell than to have a foreclosure on their credit report. Typically they can repair their credit inside of a year or two with a short sale on their bureau where as they would be screwed for at least 7 years with a foreclosure. Can I make money from a short sale? Nope. All you'll keep is your credit rating. How do bankruptcies affect the possibility of doing a short sale? Most mortgagees won't consider a short sale if the homeowner is in bankruptcy...why? Because negotiating a short sale payoff is considered a collection activity. Collection activities are prohibited in bankruptcy. Stop filing bankruptcy and see if we can be successful with the short sale first! If it works, you probably won't need one. Can the bank go after me for the difference? The banks used to be able to and there are some horror stories of that. However, in 2007 George W passed bill HR3648 which largely prevents banks from doing that provided that it is the owner's primary residence. It's not out of the question altogether but it's more likely that they will be free and clear with a bit of a setback to their credit. You can put a clause in your purchase contract that the seller is to be "rendered blameless for the outstanding loan balance" to help you and the seller both achieve what you want simultaneously. It's not out of the question that the bank will go after the seller if it is not their primary residence but it is becoming a lot less common. The only way they'll know for sure is to go through the process. Doing nothing will result in them owing the money so it's always worth a shot. I have more than one mortgage, can we still do a short sale? Absolutely. One other last option you may want to consider is doing a rent to own for a really long time on your property. Obviously your property has to cash flow in the right direction which is unlikely but not impossible. If you do the rent to own for long enough, you may be able to wait out the market rebound for long enough that the option price of "market value" may actually cover you in the long run. We have done lease-options (aka rent to own) for as long as a 10 years. Either way good luck and if you have additional questions you can email me at frankfihn at gmail dot com.