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Bobbie Files' Blog

By Bobbie Files | Agent in 02780
  • 2nd Mortgages & Equity Lines..To Pay or not to Pay???

    Posted Under: Home Selling in Brockton, Foreclosure in Brockton  |  June 27, 2011 5:17 AM  |  1,771 views  |  3 comments

    In these clearly troubled times, paying the mortgage is sometimes a decision between  Are you sinking in debt?feeding your children or paying for your home.  No one should have to make that choice…….I know which one I would pick for my family!

    If you have a 2nd mortgage or a home equity line of credit (HELOC), I want to caution you on not making those payments, especially if you are trying to short sale your home.

    Lenders of a 2nd mortgage or HELOC after 6 months of no payments, charge these accounts off.  They write them off as bad debt and piranha debt collection companies buypiranha debt collectorthese loans for pennies on the dollar.  These piranha, aggressive companies are no where near as negotiable to deal with as the original lender!!

    MOST – not all – of the lenders involved in short sales (assuming you have a justifiable hardship), are far more negotiable and forgiving of the debt remaining on the short sale.  The piranhas want more money from you than the 1st lien holder will contribute.  They are notorious for wanting promissory notes, and they VERY RARELY agree to waive their deficiency rights.

    As tough as your financial times may be, and fully understanding that you may be counting your pennies daily, I strongly recommend that you do not allow the charge off to happen.  Make a payment every other month or so.  Doing so will, more likely than not, prevent them from charging off this debt.

    Bobbie Files, C.D.P.E.
    Certified Distressed Property Expert
    Your Bristol and Plymouth County Realtor
    508-238-5000  x.296 Office
    508-521-9480                Direct / SMS
    888-570-9907               Toll Free Direct Fax
    bobbie@MARealty1.com Email

    Visit my website at www.BerkleyMass.com
    Visit my YouTube Channel at http://www.youtube.com/user/bobbiefiles
    Join My Facebook Communityhttp://www.facebook.com/bobbiefiles.realtor

    Search for Berkley Ma Homes at: http://BerkleyHomes.BerkleyMass.com

    Search for Taunton Ma Homes at:http://TauntonHomes.BerkleyMass.com

    For those struggling to pay your mortgage payments please visit:http://shortsales.berkleymass.com

    Certified Distressed Property Expert

  • The Bobbie Files Show - The Short Sale Process Part 3 in a 10 part series

    Posted Under: Home Selling in Taunton, Foreclosure in Taunton, Property Q&A in Taunton  |  December 31, 2010 8:16 AM  |  1,928 views  |  No comments

    The short sale process explained in detail. Most homeowners that I come across are absolutely overwhelmed at the very thought of a short sale. The paperwork is very similar to what is required when applying for a mortgage. 




    If you are a homeowner struggling to pay your mortgage payment and have either been declined for a modification OR just have no interest in staying in the home any longer, a short sale may be another alternative. 

    Bobbie Files, C.D.P.E.
    Certified Distressed Property Expert
    Your Bristol and Plymouth County Realtor®
    508-238-5000 x.296 Office
    508-521-9480 Direct / SMS
    888-570-9907 Toll Free Direct Fax
    bobbiefiles@kw.com Email

    Visit my website at www.BerkleyMass.com

    Visit my YouTube Channel at http://www.youtube.com/user/bobbiefiles

    Join My Facebook Communityhttp://www.facebook.com/bobbiefiles.realtor

    Search for Berkley Ma Homes at: http://BerkleyHomes.BerkleyMass.com

    Search for Taunton Ma Homes at:http://TauntonHomes.BerkleyMass.com

    For those struggling to pay your mortgage payments please visit:http://shortsales.berkleymass.com

    Certified Distressed Property Expert

  • The longest foreclosure process

    Posted Under: Foreclosure  |  December 17, 2010 12:53 PM  |  1,501 views  |  No comments

    Foreclosures are here and in full speed.  We all must know someone that has or is going through financial trouble and is unable to pay their mortgage.  But the story I just read absolutely takes the prize for being the longest pending foreclosure that I have ever heard of.

    In life if you don’t stand up and fight for yourself no one else will.  Yes, you can pay some one to be the mouth piece for you, but you have to take the initiative to make the fight.  Well, Patsy Campbell of Florida really has taken it to levels I have never come across!!!

    Take a moment to read this article.  My emotions went on a full roller coaster while reading the story.  My first reaction was hysterical laughing, as I still think it is humorous in theory, my next was absolute awe that this one person could fight with enough skill to put off numerous lenders for 25 years!!!   I would love to know your thoughts on it.

    Bobbie Files, C.D.P.E.
    Certified Distressed Property Expert
    Your Bristol and Plymouth County Realtor
    508-238-5000 x.296 Office
    508-521-9480 Direct / SMS
    888-570-9907 Toll Free Direct Fax
    bobbiefiles@kw.com Email

    Visit my website at www.BerkleyMass.com

    Visit my YouTube Channel at http://www.youtube.com/user/bobbiefiles

    Join My Facebook Communityhttp://www.facebook.com/bobbiefiles.realtor

    Search for Berkley Ma Homes at: http://BerkleyHomes.BerkleyMass.com

    Search for Taunton Ma Homes at:http://TauntonHomes.BerkleyMass.com

    For those struggling to pay your mortgage payments please visit:http://shortsales.berkleymass.com

    Certified Distressed Property Expert

 
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