Ryan Overmyer is the foremost short sale expert in greater South-East Michigan.  He specializes in helping homeowners who owe more than their homes are currently worth.  In 2012 The Office of Ryan Overmyer and a partnering law firm secured the release of over $37,000,000 in deficiency judgments for their clients.  In this video, Ryan discussed the recent extension of the Mortgage Forgiveness Debt Relief Act through December 31st, 2013. Great news – the Mortgage Forgiveness Debt Relief Act has received a much needed extension!  Homeowners struggling to make their mortgage payments...

When selling your home, whether it’s via a traditional resale or short sale – all lien holders of the property will need to be satisfied in order for a successful closing to take place.  In the short sale scenario, that generally means that an offer to settle for less than the full balance due will need to be presented and negotiated with the associated banks. Most short sale banks will issue two types of approval letters – those that include a full release of deficiency judgment for the borrowers, and letters that leave to door open for the banks to contact those borrowers down the road in...

The short sale process, and short sale outcomes in general, are incredibly bank specific.  There are very few universal statements that can be applied to all short sale scenarios.  A homeowner with a mortgage held by Bank of America will have a different short sale experience than a homeowner with a mortgage held by Wells Fargo.  Furthermore, short sale banks differ greatly in their willingness to forgive differences between what a homeowner may owe on their mortgage, and what that home is ultimately worth – also know as, deficiency judgments.  Ultimately, the costs related to a...

Homeowners who’ve been considering a short sale can breathe a temporary sigh of relief knowing that congress has included an extension of Mortgage Forgiveness Debt Relief Act in an eleventh hour bill to avoid a possible fiscal cliff crisis. The act that was scheduled to expire on December 31, 2012 and was extended in the American Taxpayer Relief Act until December 31, 2013. While the extension provides a brief window of opportunity for short sale candidates, experts agree that it’s highly unlikely the act will be extended again at the end of this year.  Homeowners who’ve been considering a...

Purchasing a home can be tricky!  But buying a home after you’ve been involved in a short sale – well that can be downright impossible!  If someone proposed this question a few years ago, I honestly would have been able to give them an absolute rock solid answer.  But in the past few years, lenders have laid out clear guidelines for potential purchasers looking to buy a home after they’ve completed a short sale. When attempting to qualify for a new mortgage after completing a short sale, it basically boils down to one simple factor: late mortgage payments.  It may not...

Do you think a short sale might be the best option for you – but you’re worried that you might not qualify for a short sale because you don’t have a valid hardship?  Today I’ll share a few of the most effective and qualifying short sale hardships. Unemployment or Anticipated Unemployment If you’ve lost the ability to make your monthly mortgage payment due to unemployment – or you simply anticipate that will be the case in the near future – you likely have a rock solid qualifying hardship for a short sale. Under-Employment or a Reduction in Household Income If your income is...