Short and sweet today! It isn't snowing! The blue sky and the sun are out and it looks very pretty. Yes, there is snow left, it isn't going away fast. Yes, we will have more snow before the season is over. Usually our last snow is on Mother's Day in May; however, I have seen it snow on Father's Day in June. So, you never know in Big Bear!
I am so excited about all the short sales I am listing right now. There are so many buyers looking for a great deal and those who can wait a few months will get a terrific buy! Short sales are the majority of the property on the market out there right now. Few bank owned properties are on the market and we hear they are drying up everywhere. We just have to go with the flow and work with what we have...and that seems to be short sales.
Since I completed the training and acquired the designation ...CDPE I feel like this is right up my alley! If you have missed a payment on your Big Bear property or you think you will in the future, perhaps, we need to talk. I can help you solve this problem without going through foreclosure. Don't waste time if you are in this position. Time is of the essence, once the bank files a "Notice of Default" you only have 110 days before the property is sold and you are removed. Don't let that happen...there are other avenues to solve the problem.
If you are a buyer and can wait 120 days or so for the closing of a property...you will be among the very few people that will buy a cabin in Big Bear for a hugly reduced price. As I have siad, " Good things come to those who wait"!
It does appear that the market here is changing. By this time next year it will look very different. I suspect that there will be very few bank owned properties and I believe it will be a more normal market. The many sellers that are waiting for the market to improve will get back into the real estate market. So many people want to sell and do other things in their lives but this down turn has keep them from even trying to sell their property. So, as they say, "Things are a changing". I sure feel it and it makes me happy because I think we will come out of this horrible time soon.
Until next time, Bonnie
Wednesday, March 10, 2010
Saturday, March 6, 2010
Life Just Got Easier!
Hurray! Some of the banks have gotten the message and they are attempting to make "short sales" easier! I said easier...not shorter! Bank of America has implemented a web based site that the bank, the agent and the borrower can access for updates. That is a huge step forward in the short sale business. With most of the banks calling is the only way to communicate which is difficult to say the least. The on hold time on the phone can be two hours to speak to a bank representative. Even at that you may not receive a satisfactory answer.
The biggest problem is that all the paperwork, (and that sometimes it is 75 to 125 pages of information) must be faxed to the bank. It cannot be emails, etc. It is not uncommon to fax those papers three and four times to the bank over a several week period before they say they received them. That is crazy! Where do the papers go? I have a state of the art copier that faxes, emails and prints in color among other things and it spits out a conformation that the fax went through! So, I do know that the huge package has gone through but what happens on the other end, I don't know! We have been at the mercy of the whims of the banks for so long. They have had an antiquated system and that is one of the reasons why it has taking 6 to 9 months to complete a short sale. That is such nonsense because it only takes 30 to 45 days to acquire a brand new loan. Why would it take two or three times longer for a short sale when you are already a borrower with a loan from the same bank? As they say, what's wrong with this picture?
Well, kudos to Bank of America and any of the other banks that do the same. We need to get this country moving again. Get rid of the bad loans, help the people that are in trouble and sell the foreclosures currently on the market. That is the only way America will recover and becomes a thriving economy again.
The housing collapse was devastating to the country as well as many investors abroad. It is the underpinning of our economy. It was once the automobile manufacturing that drove the country but that was taken over by housing! Buying a house starts the ball rolling. It's not just the agent that earns money from a house sale...it goes like this:
* the seller makes a profit on the house
*The agents receive a commission
* The escrow/attorney earns a fee
* The lender earns a fee
* The bank earns lots of money over the life of the loan
* The pest control company is supplied with work
* A home inspector earns a fee
* A handyman/contractor may be needed to make repairs
* An engineer, a surveyor or some other speciality may be needed
before the escrow closes.
The following are monies spent after the sale:
* Fencing
* Painting
* New flooring
* New furniture
* Plants, trees or flowers from a nursery
* Decorator items from various stores, etc.
* Remodeling, add a room, deck new roof, etc.
* In the case of Big Bear many new home buyers purchase a 4 wheel drive
vehicle, buy new skies for the family or a boat. If you are a pilot and fly to
Big Bear you may buy a newer plane. Or, a golf cart and new
clubs if you bought on a golf course.
And the list goes on! These are just a few of the items that new home buyers spend money on regardless if they are first time, move up, second home or downsizing buyers...they spend money. That is why I say that housing drives the economy. All of the expenditures above help employers keep and hire new employees. The amount of money that trickles down from one home sale is phenomenal. Multiply that by millions across the country and you see why housing is our economy. Housing prior to the sale creates jobs as well as in repairs and getting ready to sell costs.
All those people that are employed by home sales can now pay their bills, buy the things that they need and help the economy in every area. Every time another home, condo, mobile home or Big Bear cabin is bought this cycle begins again! As you can see without this cycle business is bad for everyone. This economy will and would have recovered on its own if the government would just allow it. These new government give aways to prop up the economy have not helped that much. A great deal of the money has either been spent on jobs that are a one time deal or the money has not been sent out to even start the jobs. We need stable everyday jobs that can be counted on. Home sales do that. As I said earlier we need to break the log jam we currently have with the holding back of foreclosed properties from sale, shorten the time frame on short sales and honesty, modify loans for borrowers that need help. We have to get things moving again so we can all get back to work and live a good life. We deserve that! No thanks to the government! If the government would allow free enterprise to prevail this economy would turn around by its self. Just give it a little time! The government has failed us and now they need to cut back, remove waste and think like business people, not like spend thrifts!
Until next time, Bonnie
The biggest problem is that all the paperwork, (and that sometimes it is 75 to 125 pages of information) must be faxed to the bank. It cannot be emails, etc. It is not uncommon to fax those papers three and four times to the bank over a several week period before they say they received them. That is crazy! Where do the papers go? I have a state of the art copier that faxes, emails and prints in color among other things and it spits out a conformation that the fax went through! So, I do know that the huge package has gone through but what happens on the other end, I don't know! We have been at the mercy of the whims of the banks for so long. They have had an antiquated system and that is one of the reasons why it has taking 6 to 9 months to complete a short sale. That is such nonsense because it only takes 30 to 45 days to acquire a brand new loan. Why would it take two or three times longer for a short sale when you are already a borrower with a loan from the same bank? As they say, what's wrong with this picture?
Well, kudos to Bank of America and any of the other banks that do the same. We need to get this country moving again. Get rid of the bad loans, help the people that are in trouble and sell the foreclosures currently on the market. That is the only way America will recover and becomes a thriving economy again.
The housing collapse was devastating to the country as well as many investors abroad. It is the underpinning of our economy. It was once the automobile manufacturing that drove the country but that was taken over by housing! Buying a house starts the ball rolling. It's not just the agent that earns money from a house sale...it goes like this:
* the seller makes a profit on the house
*The agents receive a commission
* The escrow/attorney earns a fee
* The lender earns a fee
* The bank earns lots of money over the life of the loan
* The pest control company is supplied with work
* A home inspector earns a fee
* A handyman/contractor may be needed to make repairs
* An engineer, a surveyor or some other speciality may be needed
before the escrow closes.
The following are monies spent after the sale:
* Fencing
* Painting
* New flooring
* New furniture
* Plants, trees or flowers from a nursery
* Decorator items from various stores, etc.
* Remodeling, add a room, deck new roof, etc.
* In the case of Big Bear many new home buyers purchase a 4 wheel drive
vehicle, buy new skies for the family or a boat. If you are a pilot and fly to
Big Bear you may buy a newer plane. Or, a golf cart and new
clubs if you bought on a golf course.
And the list goes on! These are just a few of the items that new home buyers spend money on regardless if they are first time, move up, second home or downsizing buyers...they spend money. That is why I say that housing drives the economy. All of the expenditures above help employers keep and hire new employees. The amount of money that trickles down from one home sale is phenomenal. Multiply that by millions across the country and you see why housing is our economy. Housing prior to the sale creates jobs as well as in repairs and getting ready to sell costs.
All those people that are employed by home sales can now pay their bills, buy the things that they need and help the economy in every area. Every time another home, condo, mobile home or Big Bear cabin is bought this cycle begins again! As you can see without this cycle business is bad for everyone. This economy will and would have recovered on its own if the government would just allow it. These new government give aways to prop up the economy have not helped that much. A great deal of the money has either been spent on jobs that are a one time deal or the money has not been sent out to even start the jobs. We need stable everyday jobs that can be counted on. Home sales do that. As I said earlier we need to break the log jam we currently have with the holding back of foreclosed properties from sale, shorten the time frame on short sales and honesty, modify loans for borrowers that need help. We have to get things moving again so we can all get back to work and live a good life. We deserve that! No thanks to the government! If the government would allow free enterprise to prevail this economy would turn around by its self. Just give it a little time! The government has failed us and now they need to cut back, remove waste and think like business people, not like spend thrifts!
Until next time, Bonnie
Wednesday, March 3, 2010
Big Bear Bargains
First, let me say that the snow remains in abundance here in Big Bear. Snow doesn't melt very fast, by the way. It's kind of like watching paint dry. Except for those very warm days, near 50 degrees, snow melts very slowly. So, at this rate we will have snow until May or June. It's all good because we need the water. We are happy!
We continue to wait for the flood gates to open in real estate. By flood gates, I mean all those bank owned properties that are on the way...they say they are on the way! I haven't seen proof as yet! The inventory of houses for sale is small. There are some good deals but not a lot to pick from. Most of the listing are individually owned not bank owned. Our listing season is just about upon us. the spring and early summer is when most people place their properties on the market. I am curious to know what will happen. If we don't list the amount of property we usually list at this time of year the inventory will be at record lows. That will cause prices to rise. Low supply and high demand. There could be a drop in buyers after the $8,000 credit expires at the end of April. So, it is difficult to predict what will occur!
Either way, prices are so low right now that you can't go wrong on whatever you buy. Everything is on sale! Big Bear offers, clean, fresh air, blue skies, a lake, skiing, golf, hiking, biking and lots of serenity. Come up and visit us. I would love to help you find a hide-a-way in the mountains!
Until next time, Bonnie
We continue to wait for the flood gates to open in real estate. By flood gates, I mean all those bank owned properties that are on the way...they say they are on the way! I haven't seen proof as yet! The inventory of houses for sale is small. There are some good deals but not a lot to pick from. Most of the listing are individually owned not bank owned. Our listing season is just about upon us. the spring and early summer is when most people place their properties on the market. I am curious to know what will happen. If we don't list the amount of property we usually list at this time of year the inventory will be at record lows. That will cause prices to rise. Low supply and high demand. There could be a drop in buyers after the $8,000 credit expires at the end of April. So, it is difficult to predict what will occur!
Either way, prices are so low right now that you can't go wrong on whatever you buy. Everything is on sale! Big Bear offers, clean, fresh air, blue skies, a lake, skiing, golf, hiking, biking and lots of serenity. Come up and visit us. I would love to help you find a hide-a-way in the mountains!
Until next time, Bonnie
Monday, March 1, 2010
What's coming?
I just read a few pieces on the mortgage resets that are scheduled in 2011 and 2012. There are actually more loans that will reset in the coming two years than have reset in the past. Those teaser rates are now moving into a higher adjustable rate.
People are already stretched and many are not working so placing a higher interest rate on the mortgage could push many people over the edge. By the edge I mean into foreclosure. The new wave of bad loans will begin next year. That event will lower home values once again. Some say as much as 10%.
What to do? Well, to begin, if you want to sell your property in the near future this year is probably the best year out of the next three. If you have missed a payment or you feel you will miss one soon, take action NOW! Get your real estate agent to start with a short sale at the bank. Remember, get an expert. An agent that is trained to handle short sales is the only person to deal with. Hopefully, they have a designation associated with that training.
If you need help ask right away. Don't wait. The longer you wait the fewer days you will have to solve this problem. So many people are in denial and just hide their heads in the sand. You have to get on top of this problem and start moving forward instead of being in limbo! If you have questions please call or email.
Until next time, Bonnie
People are already stretched and many are not working so placing a higher interest rate on the mortgage could push many people over the edge. By the edge I mean into foreclosure. The new wave of bad loans will begin next year. That event will lower home values once again. Some say as much as 10%.
What to do? Well, to begin, if you want to sell your property in the near future this year is probably the best year out of the next three. If you have missed a payment or you feel you will miss one soon, take action NOW! Get your real estate agent to start with a short sale at the bank. Remember, get an expert. An agent that is trained to handle short sales is the only person to deal with. Hopefully, they have a designation associated with that training.
If you need help ask right away. Don't wait. The longer you wait the fewer days you will have to solve this problem. So many people are in denial and just hide their heads in the sand. You have to get on top of this problem and start moving forward instead of being in limbo! If you have questions please call or email.
Until next time, Bonnie
Sunday, February 28, 2010
It's Back!
It snowed all day yesterday! Everything is white again. The old snow was getting very dirty looking so, it is nice to see fresh clean white snow outside. Of course, it's not like we haven't seen much this year! This has been some winter. The winter of 2010 will be remember by all!
This morning the sun is out and the sky is blue. The snow simmers like jewels and it is a pretty sight! More snow is expected next week. I hope we have a little time to dig out!
I want to address property owners in Big Bear that are having difficulty in making their mortgage payments. Maybe you are not behind in payments yet but you can see it will happen down the road. It's just a of matter of time. If you have suffered a hardship like job loss, death or divorce, etc. your financial situation may force you to decide to feed and clothe your family rather than pay the mortgage. Everyone has a different story about what this economy has done to them. And, they are all heart wrenching!
There are options for people left in this situation. One is loan modification, two is "short sale", and three would be foreclosure. Loan modification would be great if they were easy to acquire but they aren't. Most applicants are turned down. Why, because they don't have enough income to make even the lower payments. The other reason is it takes so long to get an answer that many banks foreclose before the modification is either approved or disapproved. A "short sale" is a sale where the property is sold to a buyer and the bank forgives part of the original mortgage. There is no foreclosure on the seller's credit record. It is the easiest way to get out of this situation. However, do pick a real estate agent that is trained in short sales to handle the sale for you.
The last option, "Foreclosure", is the worst possible answer for the seller. It will be on your credit for 7 years and it will always be a matter of record in the county it was recorded in. It will haunt you for a very, very long time! Then there is the Shame! There is an emotional curve that you go through with the embarrassment and shame of losing a home. Men feel they can't provide well for their family and women fear being out on the street with little children. It is a devastating event in anyone's life!
A short sale is the best choice. Once the sale is completed you can move on with your life with the monkey off your back. That black mark of foreclosure will not be branded on your forehead. If you would like to discuss your options please call me. I am a short sale expert and I know I can help you move through this difficult time.
Until next time, Bonnie
This morning the sun is out and the sky is blue. The snow simmers like jewels and it is a pretty sight! More snow is expected next week. I hope we have a little time to dig out!
I want to address property owners in Big Bear that are having difficulty in making their mortgage payments. Maybe you are not behind in payments yet but you can see it will happen down the road. It's just a of matter of time. If you have suffered a hardship like job loss, death or divorce, etc. your financial situation may force you to decide to feed and clothe your family rather than pay the mortgage. Everyone has a different story about what this economy has done to them. And, they are all heart wrenching!
There are options for people left in this situation. One is loan modification, two is "short sale", and three would be foreclosure. Loan modification would be great if they were easy to acquire but they aren't. Most applicants are turned down. Why, because they don't have enough income to make even the lower payments. The other reason is it takes so long to get an answer that many banks foreclose before the modification is either approved or disapproved. A "short sale" is a sale where the property is sold to a buyer and the bank forgives part of the original mortgage. There is no foreclosure on the seller's credit record. It is the easiest way to get out of this situation. However, do pick a real estate agent that is trained in short sales to handle the sale for you.
The last option, "Foreclosure", is the worst possible answer for the seller. It will be on your credit for 7 years and it will always be a matter of record in the county it was recorded in. It will haunt you for a very, very long time! Then there is the Shame! There is an emotional curve that you go through with the embarrassment and shame of losing a home. Men feel they can't provide well for their family and women fear being out on the street with little children. It is a devastating event in anyone's life!
A short sale is the best choice. Once the sale is completed you can move on with your life with the monkey off your back. That black mark of foreclosure will not be branded on your forehead. If you would like to discuss your options please call me. I am a short sale expert and I know I can help you move through this difficult time.
Until next time, Bonnie
Wednesday, February 24, 2010
The New Loan Process
I am not certain if I mentioned that the lending business has changed since January 1, 2010. The government is now involved in every loan (what aren't they involved in) and there are strict rules on how the loan will progress. Sadly, these changes bog down the process and consequently the loan can't be completed in 30 days. It will take a minimum of 45 days to 60 days. Since the world is moving at warp speed it is difficult to understand why loans are going backwards and moving like they did in the 1980's. Paperless society, instant messaging and dinosaur loans! That's what we currently face!
For example because of the waiting periods each day the appraisal cannot be ordered before the 6th day of the start of the loan. If a weekend falls in the time period it will be the 8th day. The appraiser may not get to the property for a week or longer. There is a waiting period after the appraisal is ordered, as well. The lender can't ask the buyer for the upfront fee for the credit report, appraisal, etc. until the 6th to 8th day into the process. And it goes on and on. Naturally, the calendar of events that I am looking at explains all the waiting periods through the loan which is all well and good, unless the borrower doesn't get everything to the lender at once. Or, the lender is behind and can't get each item done in time, and the list goes on! Does that happen? A resounding, Yes is heard from the crowd!
The whole process has been turned on its head! The housing market has been in a slump for going on three years and we were just beginning to see some light. But, now the government has monkeyed with the system, which they don't understand, and caused more problems. All I can say is that the people making these changes, in ever so many fields, do not understand what they are changing. For the government to change the lending process, they first have to understand real estate as well as the loan business. But they don't! These changes have already made our business much harder and everything takes much longer. When people buy a cabin in Big Bear they want to be in it tomorrow, not two months from now! There is no reason why a loan can't be done for a buyer in 30 days or less. The system needs to be streamlined; however, the government does not understand that word. They are excellent at slowing or clogging what ever they touch! Experts that understand real estate as well as lending should be revamping this system. Certainly not the group that has come up with this ridiculous train schedule that slows down the housing market and hampers job creation!
We, the American people now own auto manufacturing companies, stakes in stock brokerage houses and who knows what else. I don't know if we just gave the money to AIG or if we own some part of it! Do we know how to run these companies? No! Here is another example of the government sticking their nose into something they don't have a clue about. I am all for changes that make the lending process shorter and easier for the borrower. I know that both of those things can be done. I would like to see the lending process be made user friendly. Think about the inter net. Didn't it allow, you, the consumer to shop at your own pace. Didn't it allow you to see the latest property listings instantly which helped you to make an educated decision on the house you would buy? Wasn't it fast? Couldn't you do it any time of the day or night? Yes! You became part of the process. This government time table of events that must occur every few days is not propelling us forward.
I would ask you to complain to your Federal representatives about the slow down of the loan process. It needs to be changed, but not in this way. We need a good system that would allow a loan to be processed in 15 to 30 days. I know it can be done but some road blocks need to be hurled. Gee, I remember back in the 1980's and early 1990's that the lenders were pushing the one week loan. Gosh, if you can pay your bills instantly over the inter net why can't we shorten the loan process? The government always runs on the premise that even though the horse has run out of the barn they need to shut the door! So, let's get with the program and ask for positive changes to make acquiring a loan fast and simple! So many Americans are in good financial health and can afford to buy a cabin or home but the banks have continually make it so difficult to get a loan that most of those people give up! This whole problem stems from the banks not wanting to lend. Why would they since they have government money to stay afloat? That is our money which was given to them, so we should have a say! It is time to speak up if you already haven't. Let your Representative know how you feel! I thank you!
Until next time, Bonnie
For example because of the waiting periods each day the appraisal cannot be ordered before the 6th day of the start of the loan. If a weekend falls in the time period it will be the 8th day. The appraiser may not get to the property for a week or longer. There is a waiting period after the appraisal is ordered, as well. The lender can't ask the buyer for the upfront fee for the credit report, appraisal, etc. until the 6th to 8th day into the process. And it goes on and on. Naturally, the calendar of events that I am looking at explains all the waiting periods through the loan which is all well and good, unless the borrower doesn't get everything to the lender at once. Or, the lender is behind and can't get each item done in time, and the list goes on! Does that happen? A resounding, Yes is heard from the crowd!
The whole process has been turned on its head! The housing market has been in a slump for going on three years and we were just beginning to see some light. But, now the government has monkeyed with the system, which they don't understand, and caused more problems. All I can say is that the people making these changes, in ever so many fields, do not understand what they are changing. For the government to change the lending process, they first have to understand real estate as well as the loan business. But they don't! These changes have already made our business much harder and everything takes much longer. When people buy a cabin in Big Bear they want to be in it tomorrow, not two months from now! There is no reason why a loan can't be done for a buyer in 30 days or less. The system needs to be streamlined; however, the government does not understand that word. They are excellent at slowing or clogging what ever they touch! Experts that understand real estate as well as lending should be revamping this system. Certainly not the group that has come up with this ridiculous train schedule that slows down the housing market and hampers job creation!
We, the American people now own auto manufacturing companies, stakes in stock brokerage houses and who knows what else. I don't know if we just gave the money to AIG or if we own some part of it! Do we know how to run these companies? No! Here is another example of the government sticking their nose into something they don't have a clue about. I am all for changes that make the lending process shorter and easier for the borrower. I know that both of those things can be done. I would like to see the lending process be made user friendly. Think about the inter net. Didn't it allow, you, the consumer to shop at your own pace. Didn't it allow you to see the latest property listings instantly which helped you to make an educated decision on the house you would buy? Wasn't it fast? Couldn't you do it any time of the day or night? Yes! You became part of the process. This government time table of events that must occur every few days is not propelling us forward.
I would ask you to complain to your Federal representatives about the slow down of the loan process. It needs to be changed, but not in this way. We need a good system that would allow a loan to be processed in 15 to 30 days. I know it can be done but some road blocks need to be hurled. Gee, I remember back in the 1980's and early 1990's that the lenders were pushing the one week loan. Gosh, if you can pay your bills instantly over the inter net why can't we shorten the loan process? The government always runs on the premise that even though the horse has run out of the barn they need to shut the door! So, let's get with the program and ask for positive changes to make acquiring a loan fast and simple! So many Americans are in good financial health and can afford to buy a cabin or home but the banks have continually make it so difficult to get a loan that most of those people give up! This whole problem stems from the banks not wanting to lend. Why would they since they have government money to stay afloat? That is our money which was given to them, so we should have a say! It is time to speak up if you already haven't. Let your Representative know how you feel! I thank you!
Until next time, Bonnie
Monday, February 22, 2010
Monday Morning
Yes, it is snowing right now! It snowed yesterday and some of Saturday. The skies are overcast and it is cold. I am beginning to wonder when it will stop. We have had a tremendous amount of snow this winter. I am ready for it to end. It's been a difficult winter! If you are a skier this is your year. The slopes have had record crowds and I hear the skiing is great. I am a cross country skier so I am not sure about the slopes but I'll bet that it was the best skiing in many, many years for Big Bear.
I want to remind all the first time buyers out there that the government give away of up to $8,000 remains in effect but will end April 30th. You will receive a maximum of $8,000 (10% of the selling price) rebate from the government when you purchase a home. A first time buyer is someone who has not owned a home within the past 3 years. Or, if you are a home owner you can receive a maximum of $6,500 if you purchase another permanent residence by April 30th. You don't have to sell your original home. You may keep it as a second home or a rental. So, there is a good amount of free money out there for you to take advantage of if you are eligible. Don't miss out on this opportunity!
If you happen to be a home owner now or you own a second home and you are behind in payments or you are about to be behind in payments, call me. I am a short sale expert and I can help you. You do have to qualify to be part of a short sale, though. The bank will not allow a short sale if you have stock or a good amount of money in the bank that would be considered liquid. If that were the case then the bank would expect you to pay the mortgage or they would foreclose. Most people that are behind in payments have exhausted their funds and would qualify for a short sale. All I can say is don't wait too long. The longer you wait the shorter the time until the bank forecloses. Foreclosure stays on your credit for a very long time and it will haunt you when ever you go to buy something. There is no need to take it that far...so get help quickly.
Until next time, Bonnie
I want to remind all the first time buyers out there that the government give away of up to $8,000 remains in effect but will end April 30th. You will receive a maximum of $8,000 (10% of the selling price) rebate from the government when you purchase a home. A first time buyer is someone who has not owned a home within the past 3 years. Or, if you are a home owner you can receive a maximum of $6,500 if you purchase another permanent residence by April 30th. You don't have to sell your original home. You may keep it as a second home or a rental. So, there is a good amount of free money out there for you to take advantage of if you are eligible. Don't miss out on this opportunity!
If you happen to be a home owner now or you own a second home and you are behind in payments or you are about to be behind in payments, call me. I am a short sale expert and I can help you. You do have to qualify to be part of a short sale, though. The bank will not allow a short sale if you have stock or a good amount of money in the bank that would be considered liquid. If that were the case then the bank would expect you to pay the mortgage or they would foreclose. Most people that are behind in payments have exhausted their funds and would qualify for a short sale. All I can say is don't wait too long. The longer you wait the shorter the time until the bank forecloses. Foreclosure stays on your credit for a very long time and it will haunt you when ever you go to buy something. There is no need to take it that far...so get help quickly.
Until next time, Bonnie
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