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<p>Downloadable Forms vii</p> <p>Introduction ix</p> <p>How Did So Many of Us End Up with Underwater Houses ix</p> <p>What Happened to Real Estate Prices? x</p> <p>Easy Money Home Loans xiii</p> <p>When Lending Guidelines</p> <p>Loosened—The Beginning of Our Current Problems xvii</p> <p>Meet the Authors xix</p> <p>Acknowledgments xxii</p> <p><b>Part I</b></p> <p><b>Options For “Underwater” Property Owners</b></p> <p><b>Chapter 1 Is Your Home Worth Less Than the Mortgage? 3</b></p> <p>How to Estimate the Value of Your Home 4</p> <p>What Banks Want 6</p> <p>Introduction to a Short Sale 7</p> <p>Other Options for Underwater Homeowners 8</p> <p><b>Chapter 2 What Happens If I Walk Away from My Property? 11</b></p> <p>Stop Making Payments, Move Out, Let the Bank Foreclose 11</p> <p>Deed in Lieu of Foreclosure 13</p> <p>How to Protect Yourself 14</p> <p>Your Losses Don’t Stop with Foreclosure 15</p> <p>Mortgage Forgiveness Debt Relief Act 19</p> <p><b>Chapter 3 If You Are in Financial Trouble, Deal with Your Emotions First! 25</b></p> <p>The Typical Mindset of People in Distress 25</p> <p>How It Feels to Be Trapped 31</p> <p>Putting Your Pride Aside—The First Step to a New Life 34</p> <p>How to Get Free from Your Property and Get on with Your Life 36</p> <p><b>Chapter 4 Aggressive First Steps to Get the Highest Possible Price 39</b></p> <p>Try to Sell the Property Yourself before Calling a Real Estate Agent 39</p> <p>Using a Real Estate Agent 41</p> <p>What If My House Is Underwater but the Payments Aren’t Late? 44</p> <p><b>Chapter 5 Try a Loan Modification: Negotiating a Lower Monthly</b></p> <p>Payment with Your Lender 47</p> <p>Loan Modification 48</p> <p>Forbearance Agreement 52</p> <p><b>Chapter 6 Government Programs and Mortgage Relief Organizations 57</b></p> <p>Mortgage Relief 58</p> <p>Financial Relief 61</p> <p><b>Part II</b></p> <p><b>Short Sales: How To Sell A House When It’s Worth Less Than You Owe</b></p> <p><b>Chapter 7 The Short Sale Solution 65</b></p> <p>When a Short Sale Won’t Work 67</p> <p>Short Sale Requirements 68</p> <p>Short Sales for Investment Properties 71</p> <p>How to Approach Your Bank 73</p> <p>How to Ace the Broker’s Price Opinion 75</p> <p><b>Chapter 8 How to Put Together Your Own Short Sale Package 79</b></p> <p>Requirements for Financially Distressed Homeowners 81</p> <p>Requirements for Solvent Homeowners 84</p> <p>Putting the Package Together 85</p> <p>Sample Contract for Sale and Purchase 85</p> <p>Sample Comparable Sales 86</p> <p>Sample Pictures of Disrepair 86</p> <p>Sample Net Sheet 87</p> <p>Sample Investor Letter 87</p> <p>Sample Repair List 87</p> <p>Making Sure Your Package Is Complete 88</p> <p>Sample Short Sale Package 89</p> <p><b>Chapter 9 How to Work with an Ethical Investor to Short Sale a Property 105</b></p> <p>What Should an Investor Do for Me? 106</p> <p>How to Negotiate with Investors 117</p> <p><b>Chapter 10 Closing Any Deal—What You Need to Get in Writing 123</b></p> <p>Get Everything in Writing from the Bank, Investor, or Real Estate Agent 124</p> <p>What to Expect from the Closing Agent 126</p> <p>Check Your Credit after the Deal Is Done 128</p> <p><b>Part III</b></p> <p><b>Other Options And Issues For Underwater Homeowners</b></p> <p><b>Chapter 11 If Nothing Else Works, Consider</b></p> <p>Bankruptcy 133</p> <p>Bankruptcy—How to Buy Time 135</p> <p>Will Bankruptcy Help or Hurt My Credit? 138</p> <p><b>Chapter 12 Temporarily Renting Your Home 143</b></p> <p>Section 8 Program 160</p> <p><b>Chapter 13 Don’t Go Broke Trying to Save Your House 165</b></p> <p>Don’t Go Broke 166</p> <p>Living with Negative Cash Flow 168</p> <p>Living with the Emotional Stress 172</p> <p><b>Chapter 14 How to Rebuild Your Credit 175</b></p> <p>Credit Repair Services 176</p> <p>Steps to Rebuilding Your Credit 181</p> <p>Formula for Paying Off Credit Cards 183</p> <p><b>Chapter 15 Is There Life after Financial Disaster? 187</b></p> <p>How Do I Avoid Disaster Again? 188</p> <p>Will I Be Able to Invest Again? 190</p> <p>Sharing Your Experience with Other</p> <p>Distressed Homeowners 192</p> <p>Consider Becoming a Real Estate Investor 193</p> <p>Index 195</p>

<p><b>DWAN BENT-TWYFORD,</b> “The Queen of Short Sales,” is the country’s leading authority on buying and selling “underwater” properties. She runs popular boot camps for real estate investors and is a sought-after public speaker on real estate investing. She is also the coauthor of <i>Short-Sale Pre-Foreclosure Investing</i>, from Wiley.</p> <p><b>BILL TWYFORD </b>is a successful real estate investor, speaker, author, motivator, and teacher.

<p><b>Smart Options for Homeowners Who Owe More on Their Mortgage Than Their Property Is Worth</b></p> <p>The crash in housing prices and other economic forces have left millions of property owners “underwater”—owing more on their mortgage than their property is worth. If you’re one of them, trapped in a home you can’t sell and pressured by mortgage payments, the situation can feel hopeless. <p>But you <i>do</i> have options. And giving up is <i>not</i> one of them. Whether you’re a homeowner or an investor, there are ways to get out of this mess before it bankrupts you. The first step is to arm yourself with full knowledge of all the alternatives available to you. You may be able to renegotiate loan terms with your bank, or short sell your home, or even rent the property out—just don’t wait until it’s too late. <p><i>How to Sell a House When It’s Worth Less Than the Mortgage</i> explains all of your options, helps you pick the best one for your situation, and shows you how to get it done step by step. Inside, you’ll discover the ins and outs of: <ul><li>Estimating the real market value of your home</li> <li>Understanding mortgage forgiveness and debt relief legislation</li> <li>Putting together a short sale package to convince your lender to write down your mortgage</li> <li>Finding a buyer yourself or using an agent</li> <li>Negotiating new loan terms with the bank</li> <li>Tapping into government aid programs</li> <li>Surviving bankruptcy or foreclosure as a last resort</li></ul>

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