Gerald Lucas

Short Sales: What If I Already Tried To Modify My Mortgage Loan?

Are you eligible to apply for a short sale even if you’ve already tried to modify your mortgage loan? Your effort as a borrower to short sell your property should never appear to be a strategic default to your lender. A strategic default is a decision b... Read >

Short Sales: 5 Tips For Finding And Keeping A Buyer

The real estate market is fragile in much of the United States right now. In most places, there is a surplus of unsold property and a shortage of qualified buyers. In this environment, a short sale makes the already difficult task of selling a property ... Read >

A Short Sale On My Credit Report: How Many Points Will Drop From My Credit Score?

What impact will a short sale have on your credit score? The correct answer is that it depends. Your credit score is calculated based on a complex formula that tries to figure out the likelihood that you will not pay back your debts. The term ‘short sa... Read >

Short Sales: How Long Should My Hardship Letter Be?

Before a homeowner sits down to write the hardship letter for their short sale application, they often ask me how long the letter should be. There are two schools of thought on how long a hardship letter should be. One school contends that a hardship le... Read >

Short Sales: 4 Proven Ways To Speed Up The Process

One of the biggest complaints people have about short sales is how long they take to complete. Here are 4 specific tips proven to speed up the short sale process: • Tip #1: Continue to pay all property-related expenses that are not wrapped into your... Read >

“A Short Sale: How Will I Know If I Qualify For One?�

If your mortgage loan balance is higher than the value of your property and you don't have the money to make up the difference, you probably want to know whether you'd qualify for a short sale. To find out, we have to look at a short sale from a bank's p... Read >

“Short Sale Versus Foreclosure: Which Option Is Better For Me?�

Financial setbacks that affect a person's ability to pay their mortgage are heartwrenching, especially for homeowners with good credit who have always paid their bills on time. It's very easy to get discouraged and want to give up when you fall behind on... Read >

“Short Sales: How Long Does It Take To Complete Them?�

There are many factors that affect the amount of time required to complete a short sale. The number of mortgages tied to a property is one major factor. For example, it normally takes longer to negotiate with two or more lenders than it does to negotiat... Read >

“Short Sales: What Happens To The Unpaid Loan Balance After A Short Sale?�

Most people who are thinking about doing a short sale want to know what happens to the unpaid loan balance after the sale. Homeowners often ask me if they are going to be responsible for the difference between the reduced amount their bank receives at cl... Read >

“Persuasive Short Sale Hardship Letters-7 Critical Writing Tips�

Most lenders require homeowners applying for a short sale to write a hardship letter. A hardship letter is a written explanation describing why a borrower is not able to make his or her mortgage payments. The thought of writing a hardship letter sometim... Read >

“How To Spot A Foreclosure Scam: A Guide to Common Fraud Warning Signs�

A rise in mortgage delinquencies is often accompanied by an increase in foreclosure rescue scams. The prospect of losing your home and damaging your credit is enough to scare anyone, but when you add the additional threat of being duped out of your hard... Read >