If you're new here, you may want to subscribe to my RSS feed. Quick answers to your questions may be had by emailing MaryAlice@MaryAliceShort.com

You may have the following options:

  • Sell the property if you have equity and collect the profits
  • Sell the property via a short sale and settle your debts associated with the property
  • Allow the property to go to foreclosure
  • Declare a bankruptcy

My goal is to help you figure out what is best for you and to put as much money in your pocket as possible.  With one phone call, I can advise you of ALL your property options and my services are free to you! I do not use scare tactics or hard/fast selling techniques. I will take as much time as you need to understand your options.

I partner with an attorney who will represent YOU throughout the short sale negotiations. With a savvy attorney and a highly experienced Realtor working for you, you will receive the best outcomes and advice possible. Commissions, attorney fees and closing costs are paid out of sale proceeds by your lender(s).

In order to give you a reasonable evaluation of your possibilities I need to know the following:

1. Property address

2. Number of mortgages on the property.

3.The lenders are and the amount(s) owed

4. Are the payments current?

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If you are letting a property go into foreclosure remember that YOU are still liable for the property until the bank forecloses on the property and takes title to the property. The bank DOES NOT own the property until a foreclosure sale takes place and the redemption period ends (typically 6 months in Minnesota).

This means that you need to continue to pay for homeowners insurance. If you fail to keep insurance on the property, your lender will get (forced place) insurance for you. These insurance policies may be very expensive. I have had clients tell me that the forced place policy was up to $1800 per month! The bank does not absorb the cost of the insurance policy. If you fail to pay for the policy, the insurance company will collect directly from you and report it to the credit bureaus.

You are also responsible for anything that happens on or to your property. If you fail to shovel the walks, mow the lawn, etc. you may be fined by the city. Some cities are even going so far as to take property owners to court if they fail to pay the fines that are levied against their properties.

One simple solution is to put a responsible tenant in the property while you are letting it go to foreclosure. I work with a property management company that will place a tenant in your property at no fee to you. All tenants are carefully screened and property condition is monitored during the term of the lease. Rent collection and evictions are also included in the property management services.

If you are interested in placing a caretaker / tenant in your property email me at MaryAlice@MNRealEstateTeam.com

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MaryAlice Short | Re/Max Advantage Plus | 612-554-5901
975 Beech Street, Saint Paul, MN
6 bed, 2 bath Up/Down Duplex in Saint Paul – $100,000
6BR/2BA Multi-Family, 2 units
offered at $100,000
Year Built 1889
Sq Footage 2,474
Bedrooms 6
Bathrooms 2 full, 0 partial
Floors 2
Parking Unspecified
Lot Size 0.110 acres
HOA/Maint $0 per month

DESCRIPTION

Good condition duplex, 3 bed up & down. Fully rented. Units have in unit laundry, hardwood floors and natural woodwork. For more info visit www.maryaliceshort.com
see additional photos below
PROPERTY FEATURES

- Central heat - Hardwood floor - Refrigerator
- Stove/Oven - Basement - Laundry area – inside
- Balcony, Deck, or Patio


COMMUNITY FEATURES

- Garage parking


ADDITIONAL PHOTOS


Front of property
Contact info:
MaryAlice Short
Re/Max Advantage Plus
612-554-5901
For sale by agent/broker

powered by postlets Equal Opportunity Housing
Posted: Feb 5, 2010, 4:58am PST

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MaryAlice Short | Re/Max Advantage Plus | 612-554-5901
3507 Oliver Avenue N, Minneapolis, MN
2 bed, 1 bath, Two Story Home in Minneapolis – $155,000
2BR/1BA Single Family House
offered at $155,000
Year Built 1915
Sq Footage 1,260
Bedrooms 2
Bathrooms 1 full, 0 partial
Floors 2
Parking 1 Car garage
Lot Size 0.120 acres
HOA/Maint $0 per month

DESCRIPTION

Turn-key 2 bed home, features hardwood floors, remodled kitchen and bathroom, back deck and updated mechanics. For more info visit www.MaryAliceShort.com
see additional photos below
PROPERTY FEATURES

- Central A/C - Central heat - Hardwood floor
- Living room - Dining room - Laundry area – inside
- Balcony, Deck, or Patio

ADDITIONAL PHOTOS


Exterior

Dining/Kitchen

Living room

Living room
Contact info:
MaryAlice Short
Re/Max Advantage Plus
612-554-5901
For sale by agent/broker

powered by postlets Equal Opportunity Housing
Posted: Feb 5, 2010, 5:20am PST

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MaryAlice Short | Re/Max Advantage Plus | 612-554-5901
3974 124th Lane NW, Coon Rapids, MN
2bed, 2bath Townhome in Coon Rapids -$149,900
2BR/2BA Townhouse
offered at $149,900
Year Built 1995
Sq Footage 1,713
Bedrooms 2
Bathrooms 2 full, 0 partial
Floors Unspecified
Parking 2 Car garage
Lot Size 0 sqft
HOA/Maint $130 per month

DESCRIPTION

Spacious 2Bd/2BA townhome, features deck & walkout patio on lower level. Not a foreclosure ot Short Sale. Can cose quickly. Close to shopping and transportation. For more info visit www.MaryAliceShort.com
see additional photos below
PROPERTY FEATURES

- Central A/C - Central heat - High/Vaulted ceiling
- Living room - Basement - Balcony, Deck, or Patio

ADDITIONAL PHOTOS


Photo 1

Photo 2

Photo 3
Contact info:
MaryAlice Short
Re/Max Advantage Plus
612-554-5901
For sale by agent/broker

powered by postlets Equal Opportunity Housing
Posted: Feb 5, 2010, 5:35am PST

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MaryAlice Short | Re/Max Advantage Plus | 612-554-5901
10107 Kingman Lane, Minnetonka, MN
3bed, 2 bath home in Minnetonka – $180,000
3BR/1+1BA Single Family House
offered at $180,000
Year Built 1961
Sq Footage 1,368
Bedrooms 3
Bathrooms 1 full, 1 partial
Floors 2
Parking 2 Car garage
Lot Size 23,653 sqft
HOA/Maint $0 per month

DESCRIPTION

Large rambler features basement that is almost finished. Needs cosmetics. Huge private lot. Short sale with 1 lender. Agent is CDPE. For more info visit www.MaryAliceShort.com
see additional photos below
PROPERTY FEATURES

- Central A/C - Central heat - Fireplace
- Hardwood floor - Family room - Living room
- Basement - Laundry area – inside - Balcony, Deck, or Patio

ADDITIONAL PHOTOS


Photo 1

Photo 2

Photo 3
Contact info:
MaryAlice Short
Re/Max Advantage Plus
612-554-5901
For sale by agent/broker

powered by postlets Equal Opportunity Housing
Posted: Feb 5, 2010, 5:50am PST

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MaryAlice Short | Re/Max Advantage Plus | 612-554-5901
7335 Evert Court NE, Fridley, MN
6bed/4bath side by side duplex in Fridley MN
6BR/2+2BA Multi-Family, 2 units
offered at $259,900
Year Built 1980
Sq Footage 1,656
Bedrooms 6
Bathrooms 2 full, 2 partial
Floors 2
Parking 2 Car garage
Lot Size 0.290 acres
HOA/Maint $0 per month

DESCRIPTION

6 bedroom, 4 bathroom, side by side duplex in good condition. Not a short sale. Not a foreclosure. Quick close possible. For more info visit www.MaryAliceShort.com
see additional photos below
PROPERTY FEATURES

- Central heat - Basement - Laundry area – inside

ADDITIONAL PHOTOS


Photo 1

Photo 2

Photo 3
Contact info:
MaryAlice Short
Re/Max Advantage Plus
612-554-5901
For sale by agent/broker

powered by postlets Equal Opportunity Housing
Posted: Feb 5, 2010, 7:12am PST

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MaryAlice Short | Re/Max Advantage Plus | 612-554-5901
4901 Woodland Avenue, Shakopee, MN
4bed/3bath Townhome in Shakopee, MN
4BR/3BA Townhouse
offered at $160,000
Year Built 2004
Sq Footage 2,312
Bedrooms 4
Bathrooms 3 full, 0 partial
Floors 2
Parking 2 Car garage
Lot Size 0.09 acres
HOA/Maint $179 per month

DESCRIPTION

Large twin home features fireplace, attached garage, hardwood floors, 2 car garage and a finished basement. No offers! Short sale. Agent is CDPE. Visit www.maryaliceshort.com for further info.
see additional photos below
PROPERTY FEATURES

- Central A/C - Central heat - Fireplace
- Hardwood floor - Tile floor - Laundry area – inside
- Balcony, Deck, or Patio


COMMUNITY FEATURES

- Playground


ADDITIONAL PHOTOS


Photo 1
Contact info:
MaryAlice Short
Re/Max Advantage Plus
612-554-5901
For sale by agent/broker

powered by postlets Equal Opportunity Housing
Posted: Feb 5, 2010, 7:30am PST

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MaryAlice Short | Re/Max Advantage Plus | 612-554-5901
406 Wacouta Street #6, Saint Paul, MN
1 bed, 1 bath condo in Saint Paul
1BR/1BA Condo
offered at $90,000
Year Built 2006
Sq Footage 1,006
Bedrooms 1
Bathrooms 1 full, 0 partial
Floors 1
Parking 1 Car garage
Lot Size Unspecified
HOA/Maint $445 per month

DESCRIPTION

1 bedroom loft features walk in closet and open floor plan. Building has a skyway connected and features a rooftop deck. Heated indoor parking. Short sale with 1 lender, short sale process has begun. Quick closing possible. Agent is CDPE. For more info visit www.MaryAliceShort.com
see additional photos below
PROPERTY FEATURES

- Central A/C - Central heat - Laundry area – inside


COMMUNITY FEATURES

- Garage parking - Fitness center - Secured entry


ADDITIONAL PHOTOS


Photo 1

Photo 2

Photo 3

Photo 4
Contact info:
MaryAlice Short
Re/Max Advantage Plus
612-554-5901
For sale by agent/broker

powered by postlets Equal Opportunity Housing
Posted: Feb 5, 2010, 7:50am PST

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I recently obtained my Certified Distressed Property Expert (CDPE)certification.  I have been successfully selling properties via short sale sine 2006 and while I didn’t think that I would learn anything at the training, I did. It turns out that the average Realtor successfully sells approximately 12% of the short sales they list!!!! You have to wonder how they manage to stay in the real estate business with that level of success.

I have sold hundred of properties and have a 95% success rate of selling and closing short sales! How do I do this? First, I thoroughly review ALL of the options available to a seller during the listing appointment. I make sure that selling the property is really what the seller wants to do. If a seller wants to keep their property and it appears that they may be able to do so,  I will refer them to resources that can help them. If the seller will potentially expose themselves to more liability going through a short sale than if they allowed the property to go through foreclosure or a bankruptcy, I will refer them to a competent attorney.

Sellers who work with me are also prepared for all of the potential outcomes of a short sale. If I suspect (after reviewing the sellers financial information) that the lenders may ask them to bring a cash contribution to the closing or sign a promissory note for a portion of the debt I prepare them for this. I also am familiar with which lenders (and loan types) are including debt settlement in the terms of the short sale and which are not (experience has it’s perks). My clients also receive the best outcomes possible because I partner with an attorney that will represent them throughout the transaction and will negotiate the short sale with their lender(s).

In summary, thorough preparation of the seller means that I only list short sales with cooperative sellers who will not be surprised by the outcome of the transaction!

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MN Association Dues Unpaid? You Could Have a Personal Judgement Filed

February 4, 2010 Uncategorized

The rise in delinquent association dues is resulting in many associations taking legal action to collect the dues. If association dues are unpaid, it is likely that the association will obtain a PERSONAL JUDGMENT against the owner of the unit. Association dues do NOT attach to the property taxes and water bills do.
The association then [...]

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Should I Pay My Credit Card OR My Mortgage?

February 3, 2010 Uncategorized

As unemployment rises and wages are frozen or hours are cut, many households are feeling the financial pinch. Every day necessities that used to paid for with cash are now being put on credit cards.  As credit card bills climb, they begin to compete with the mortgage for available cash. Then the question looms “Do [...]

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What Happens To a Co-Signor When A Mortgage Forecloses?

February 1, 2010 Frequently Asked Questions and Answers

So you co-signed a mortgage and now you find out that the borrower is allowing the property to go into foreclosure. Now what?
There are several things to be aware of if you are a co-signor on a mortgage that is in default:
1. This is going to screw up YOUR credit. The foreclosure will be on [...]

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US Bank Accidently Forwards Short Sale Files To A Small Trucking Company in Arizona

January 28, 2010 Uncategorized

If you are working with a short sale file with US Bank you may want to refrain from faxing information to them until the problem below is fixed…
It turns out that the fax numbers 1-866-354-8133 and 1-866-350-6299 (which is a US Bank fax number for loss mitigation) is being forwarded to 520-622-0464. This is a [...]

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Buy a MN Short Sale in 2009? Don’t eFILE! You Won’s Qualify For the Tax Credit if You Do!!!

January 28, 2010 Frequently Asked Questions and Answers

The Minnesota Home Ownership Center published the following article:
2009 Tax Returns and the Homebuyer Credit
Posted: 26 Jan 2010 08:02 AM PST
Back in  November, the Center highlighted information about the ”Worker, Homeownership and Business Assistance Act of 2009″, that extended and expanded the first-time homebuyer credit. 
The law created an $8,000 tax credit available to first [...]

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Can A Second Mortgage Foreclose on a MN Property?

January 27, 2010 Frequently Asked Questions and Answers

A second mortgage can foreclose on a property in Minnesota, however it is not common.

1 comment Read the full article →

Buy a MN Short Sale

January 13, 2010 Frequently Asked Questions and Answers

If you want to buy a  MN short sale property and not getting anywhere with your agent, you are not alone.  Many agents are reluctant to show short sale listings to buyer and with good reason. Many of the agents who are listing properties have little to no experience in processing a short sale and [...]

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Housing and Stock Market Declines are expected through 2010

January 12, 2010 MN Real Estate - Market Predictions

Forget the ever present sunshine that the Realtor Association likes to blow…another 15% to 20% drop in the housing market is expected. My recommendation is to save your cash and start buying investment properties (buy and hold) starting the late summer / fall of 2010. This article from the Telegraph sums up the current economy [...]

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MN Short Sale Process Impacted By New Federal Guidelines Effective April 2010

January 5, 2010 Real Estate News

New short sale and deed in lieu of foreclosure guidelines from the federal government. Effective April 2010

0 comments Read the full article →

Contact MaryAlice Short

December 22, 2009 Uncategorized
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Bank Cannot Produce the Note = End of the Foreclosure Process for Some Lucky Homeowners

December 3, 2009 Frequently Asked Questions and Answers

A fellow real estate agent stopped by my office the other day with a letter that had been sent to his clients from an attorney’s office. He wasn’t sure what the letter was about. Turns out that the first mortgage did not have a copy of the mortgage note and wanted the homeowners to sign [...]

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