Do Not Let the Banks Foreclose
Gainesville Short Sales – Why Don’t I Just Let the Bank Foreclose? If you are a homeowner in distress, foreclosure should be the last option you consider. If and have closed a successful short sale you will receive a 1099 in the mail. Everyone who has sold short their home receives a 1099 for the difference of what they owed on their mortgage and what it sold for. However, if you lived in your home for 2 out of 5 years you may qualify for The Mortgage Forgiveness Debt Relief Act. This will allow for that debt to not be held against you for when you file your taxes.
The Mortgage Forgiveness Debt Relief Act is currently in place through 2012, meaning your Gainesville short sale must close prior to the end of 2012. Visit www.irs.gov or speak to your CPA to find out additional information. The act will allow for the debt to be forgiven and secondly, the bank will also forgive you for that loss and will not seek a deficiency. Florida is a deficiency state which means they can come after you for the loss you still owe them.
In 90% of our Gainesville short sales we have been able to negotiate the waiver of deficiency. This is not a guarantee and it is based on each seller’s own unique circumstances. If you qualify for HAFA, the program will give a release of deficiency as part of the program guidelines. It is easier to have a deficiency waiver if you financially insolvent or if you are unemployed. If you have money, many times the waiver of deficiency is subject to a cash settlement. You may be offered 2 different cash settlements. One will be for a lower amount, for example $5,000 cash to close, while the other may be $10,000 at 0% interest with payments of $55 over the course of 15 years.
These are much better reasons than to do a foreclosure in Gainesville. Take into consideration this scenario:
Let’s say you owe $250,000 on your Gainesville home, you bought it for $278,000 and it is now worth $150,000. A $100,000 difference in what you owe the short sale bank and what the home is worth. A buyer contracts on your home for $150,000 and the short sale bank agrees to the short sale, agrees to waive the deficiency but comes to you and asks for you to come to closing with $5000 or take a unsecured note for $10,000 at 0% interest payable over 15 years at $56 a month.
You say no and the home ends up in foreclosure, is resold after being carried by the bank for a year from the foreclosure date to resale. In the interim the Gainesville home deteriorates slightly from nobody living in it and causes the value to go down by 15% and the sales price is $127,500. The short sale bank incurred taxes of $2800, attorney’s fees of $12,000, Realtor commissions of $7,600, carrying costs of $3300 for utilities for the year and $3500 in miscellaneous expenses. The $100,000 difference in the short sale price to what was owed is now $151,700 that the bank may seek a judgment against you for that amount. This is a big difference between possible out of pocket costs and not to mention how your credit will be affected. Keep in mind if you foreclose and a judgment is sought, your wages may be garnished. Certain criteria must apply for this to happen. Please seek legal advice from an attorney.
Credit should be another consideration. With a Gainesville FL foreclosure it is listed on your credit report as such and you will have to wait 5 to 7 years to purchase another home. With a short sale, the bank will report paid in full as agreed or paid less than agreed and you will have the ability to purchase again with FHA in 2 years after the short sale.
Other Articles to Read:
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3 Questions to Ask Before Hiring Gainesville Short Sale Agent
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Do I Have to Pay for the Real Estate Agents Commission?
Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.
Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents
When: January 28 (Monday) – April 12 (Friday), 2013
Where: Kanapaha Botanical Gardens, 4700 Southwest 58th Drive, Gainesville, FL 32608
Kanapaha Botanical Gardens is a place of one of the largest number of bamboo species in the state. Every year during winter, they offer a ‘dug-to-order’ basis sale to produce income for the non-profit facility. The number of species for sale comes in different numbers yearly but mostly it counts for 15 to 20 species that comes in various sizes.
What’s great about bamboo is that it is one of the fastest growing plant in the earth. If your community allows you, why not put a little zen in your lawn or put a tiny bamboo coaster indoors.
Tips to assure approval of your property from lenders Having your property listed by one of the top Gainesville short sale agent will double the chances of having your short sale approve by the lenders. For homeowners, it is important to remind you that some lenders are carrying out new laws in short sale process. For example, Chase, one of the leading lenders in the country, has created a law wherein homeowners who have a deficit that is greater than $250,000 will compel the listing agent to provide the following:
(1) A record of the drop of prices on the property
(2) Showing Appointment Sheet
(3) They might request a record of advertisements made and where you placed them, such as online advertisement sites, i.e. Craigslist.
(4) A report that illustrates on why such changes were made in marketing the value of the property, like, what is the cause of the fall of prices?
A presentable house will have greater chances to be sold. As homeowners, it is also important to keep the house attractive as possible. Short sale homes that are neat and orderly have greater chances to be sold, or would get amazing proposal.
Take lots of quality pictures of the property being short sale. Mentioning the adage “pictures speak a thousand words”, homes being short sale that have numerous quality photos have greater chances for buyers to be interested on that property.
Show off the property’s finest features. For short sale agents, when you are marketing online it is important to highlight the nice attributes that the property have. If the home has a fantastic living room, make sure to include a couple of photos of the living room done in different angles. If a specific feature cannot accurately be represented using pictures, describe it in details in the property description.
Occupy the listing’s MLS with the right words and information. Make sure all information is correct. Fill your MLS as many photos as it allows. Compose descriptions that will have buyers interested and be able to experience what it is like to live in the home listing being short sale.
These are just some of the tips to assure approval from your lender and be blessed with buyers who’ll likely to grab great offers.
Other Articles to Read:
Why it is Important to Understand the Short Sale Process
=”_blank”>3 mistakes to avoid when short selling your Gainesville home
Gainesville Short Sale Agents Rent To Buy Scheme
Determining if you have a Financial Hardship
Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.
Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents
How your family’s expenses and income determines your Gainesville Short Sale. In a short sale, it is not always a walk in a park. There are numerous possible results of your short sale. May it bring dismay or a positive outcome for you. There are no guarantees. Everybody will do the best to have the short sale closed, but the process is not always easy. There are lots of twists and turns.
As a seller, put it in your mindset that you will pour out a huge commitment in every short sale deal and be prepared of its result. If you are not sincere in finishing a short sale then it is a waste of your time and other people’s time as well. There are instances wherein sellers backed out in the middle of the deal especially when signing notes or some cash is needed.
The business of short sale is all about taking chances. Your attorney has a power to draft a supplement demand to oppose the offer of the buyer that says if the seller do not have the same opinion with the lender, then the seller has the choice to not close and there will be seen as an act of evading on the seller’s side. At several moments, a deficiency is still okay than a foreclosure deficiency.
Every homeowner should realize that one should make an estimate of expenses for qualification. As an agent, you have to guide these homeowners to have their estimates right. One of the most under reported expenses is about child-related expenses that involve babysitters, school fees, and expenses for baby’s needs.
Monthly expenses are suggested to be monitored during grocery period. For a family consisting of 4 members, lenders would usually acknowledged $800. Please use this amount and adjust this according to the size of your size of your family. Take note that even if the baby is not yet born, you have to add the babies’ cost of expenses because there’s a huge possibility that the baby would already be born when your short sale is approved.
Evaluate the total monthly expenses and income. For instance, a family of four has a monthly income of $5000 each month and their mortgage payment is $4000 a month, Therefore the family is in financial hardship. Most of the time homeowners have a huge possibility that they would qualify for a short sale because mostly, expenses exceed the family’s income.
Other Articles to Read:
Why Don’t I Just Let the Bank Foreclose?
What Can a Short Sale Agent do for Me?
3 Questions You Should Ask Before Hiring a Gainesville Short Sale Agent
Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.
Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.
What’s the best Gainesville Short Sale offer? As a homeowner who chooses to short sale your home. It is difficult to choose a buyer for your Gainesville short salebecause short sales are very appealing to many buyers. The best advice is for you to consult your agent.
There are many things to consider when choosing an offer. First, you have to see to it that the buyer is eligible and are able to finance your short sale well. You cannot always pick the highest offer and end up feeling tricked when your buyer will not be able to finance your home.
It usually takes 30 days for your short sale to be approved. Once it expires, it needs to be renegotiated and would again take 2 to 6 months. It is much better to choose a price that is less but with a stable financing. You might want to request a copy of the pre-approval letter from your buyer.
Make sure that you were able to scrutinize the pre-approval letter. We experience one event wherein the short sale buyer’s agent, short sale loan mortgage broker, and the buyer’s lender is just one person.
In Florida, this is illegal. It cannot be done that the real estate agent and mortgage brokeris the same person or within the same company.
Another aspect to consider is the demands of the buyers. Can you meet these demands? Do the buyer want furnishings and complete kitchen appliances?. Make sure to choose a buyer where you can meet its demand.
You can choose an offer that has the best qualifications, of course.
Other Articles to Read:
Are Gainesville Homes for Sale More Affordable?
My Gainesville Short Sale Appraisal Came in Low, Now What?
Gainesville Florida Foreclosure Fraud Up – Avoid Scams
Choosing the Best Offer for Gainesville Short Sales
Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.
Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents
Keep Away from Gainesville Short Sale ScamsIt is hard to trust anyone when you are a homeowner that is facing a huge mortgage debt and soon enough you’ll know the bank wants your home foreclosed. Well, there are definitely people out there who won’t go with the help but with the money they can benefit from you.
As a Gainesville Short Sale Agent, please listen and take time to read this article. If you are choosing short sale as an option, you have to know what a short sale is, and know how to short sale. It is crucial to know the basics of the process that you are about to go through. Choose reliable information from trusted references. Do not just accept everything as a fact. When choosing a short sale agent, know her/his background first, or choose agents that are referred to you and know them well.
If a short sale enterprise calls you and immediately deliver good news of accepting your property for short sale, be skeptical about how quick their decision is because there are many instances wherein not every short sale are guaranteed.
And especially if it wants you to pay upfront about the charges, please call the Attorney General’s Office because it is prohibited in Florida for a company to charge an upfront payment in order for you to be able to short sale your home. Except lawyers who can charge clients with retainer fee.
There are many companies out there and not all are legitimate. As an agent, homeowners always asked about the short sale process. It is normal; I know you are just being safe. It is better to do your research over these companies before signing any deed.
Third parties may coerce you to sign some papers because this might lead you to a sinkhole. If this might happen, they can now have total control with the sale of your cherished home. There are companies that advertised they’ll buy unsightly properties or pay upfront cash for your house even if it looked bad and you owe the bank a lot.
Most Banks even changed their policies and procedures over time. Our company, Anson Properties LLC, can help you with your short sale problem. Call us so we can talk everything over the phone, 352-260-0153. We take high respect on your information’s confidentiality, and we will answer questions that you want to ask. Call us.
Other Articles to Read:
Gainesville Homeowners – Have an FHA Loan – Help on the Way
Gainesville – Principal Loan Reduction
Gainesville Short Sale Agents Rent To Buy Scheme
Gainesville Florida Foreclosure Fraud Up – Avoid Scams
Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.
Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents
Gainesville Short Sale – An alternative to Foreclosure There are a handful of Gainesville Short Sale Agents out there to make you understand about Short Sale. Often, the question that might come into your mind is “Am I making the right choice?.” If you are a homeowner currently in a tough state and confronting issues including foreclosure, or your loan modification have been refused, or you already tried seeking help in your trusted bank but your end did not meet, and with all these, you felt that there is no other options left.
Well, the world definitely did not end last December 21 and it is not yet the end for you, but with the Short Sale alternative, it’s a good option aside from foreclosure and can be the end toyour problems.
What is a Short Sale? A short sale is selling your home in an amount lower than the mortgage that you owed in the bank. For instance: you are indebted to the bank $150,000 on your house, then you offered your house to the bank for only $75,000. The bank will forgive the other $75,000 that you are indebted withthem.
Now, why would the bank do that? On the part of the bank, putting up on short salewill keep them from legal expenses that would run from $10,000 to $35,000 or more if they will foreclose it. Take note that the bank does not want to purchase a house; their business is not on buying and selling homes but acting as a mediator.
How to qualify for a short sale? In most states, there are different laws surrounding real estate. It is necessary that you consult a Gainesville short sale agent as she can provide you all the information that you need to qualify for a short sale and will help you onthe process.
To legally list a short sale, one should have a real estate license. That’s why it is crucial to choose an agent that has the skills and experience to sell a home sale home. That your short sale agent has worked with different lenders, since each lender has different rules and regulations toward short sale.
The Gainesville short sale agent that you choose will ultimately influence the short sale process. Our team has the best short sale agents in the county, and if you have further questions, contact our office 352-260-0153.
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Gainesville Short Sales Hiring Incompetent Short Sale Agent
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Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.
Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.
FTC and CFPB sent warning letters regarding Mortgage Ads Some Gainesville short sale agents, real estate agents, and homebuilders have received a letter from federal regulators advising them that their mortgage advertisements found on websites, social media networking sites, direct mailers, and written papers like magazines and newspapers may be misleading. Federal Trade Commission(FTC) mentioned that they mailed letters to an almost 2 dozen companies in coordination with the Consumer Financial Protection Bureau(CFPB) which also sent warning letters to other companies.
From extensive sources all over the media, about 800 ads were reviewed and have revealed that could mislead consumers because of its disturbing claims. The ads reviewed have pose violations of the Mortgage Acts and Practices Advertising Rule and the FTC Act.
First, advertisements that proposed a minimal fixed mortgage amount without discussing noteworthy loan terms. Second, advertisements containing statements, photos, logos and abbreviations implying that an advertiser is associated with a government group. Lastly, advertisements promising approval and suggesting low monthly payments lacking discussion regarding conditions on the offers.
CFPB mentioned that some promoters will use your military or veteran status as a reason to approach you and offer special deals or suggesting VA approval, some will lure you to “no payment” mortgage to confuse older Americans that are frantic to find a solution to still live in their houses when they can no longer be able to afford paying the mortgage payments.
The “Mortgage Acts and Practices Advertising Rule” took effect last year of August. It prohibits misrepresentations in advertising marketing and promotions or other profitable areas regarding customer mortgages. It has been tagged as Regulation N because the authority to make rules was transferred from FTC to CFPB.
FTC and CFPB have a portion of authority over non-bank mortgage promoter such as loan lenders, real estate brokers, loan servicers, and advertising institutions. Those who violate the rule may be obligated to pay civil penalties.
Other Articles to Read:
Why it is Important to Understand the Short Sale Process
3 mistakes to avoid when short selling your Gainesville home
Gainesville Short Sale Agents Rent To Buy Scheme
Military homeowners to get short sale assistance
Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.
Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents
Gainesville Homes For Sale! 516 NW 34th
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Stephanie Ann Anson
Anson Properties LLC
(352) 260-0153 sasjrussell@gmail.com http://www.floridahomesalesearch.com
Listed by: Anson Properties LLC |
Nearby properties for sale |
Fannie Mae and Freddie Mac delegation agreement starts this month
Just last November 1, Fannie Mae and Freddie Macgave a go signal to nine private loan servicers for them to grant short sales without having to get another review for troubled borrowers. This is done because it has a huge possibility to lessen costs, interruptions, and doubt. This allocation agreement will allow loan insurers to grant any short sale
It has been known that these nine loan insurers to have agreed to advance short sales are as follow:
• United Guaranty Corp
• Genworth Mortgage Insurance Corp.,
• CMG Mortgage Insurance Co.
• Triad Guaranty Insurance Corp.
• PMI Mortgage Insurance Co.
• Radian Guaranty Inc.
• Essent Guaranty Inc.
• Republic Mortgage Insurance Co.
• Mortgage Guaranty Insurance Corp.
For borrowers who were able to make only less than 20 percent down payments of the value of the home they are bankrolling, Fannie Mae and Freddie Mac pass on a prerequisite for borrowers to remove mortgage insurance.
With this new agreement, the process of which nine mortgage insurers agree will benefit the people because it’ll be reliable and orderly for both insurers and borrowers.
Tracy Mooney, senior vice president for loan servicing and REO at Freddie Mac, said that they are very happy that the nation’s mortgage insurers are very cooperative to work with alone with the servicers. This will really boost borrowers to acquire short sales and several foreclosure substitutes. Since the borrowers will benefit with this agreement, many will be able to avoid foreclosure. It clearly shows that it supports housing recovery and aids the reduction of taxpayer damages.
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Gainesville Short Sale Agents Rent To Buy Scheme
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Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.
Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents
Efficient Short-sale Guidelines kept Gainesville Short Sale Agents Happy
Short sales are rising this year and it will eventually rise because of federal regulators who manage Fannie Mae and Freddie Mac. They made paperwork more efficient and offered an option to second-lien holders up to $6,000 to accelerate the process of short sale as announced by Federal Housing Finance Agency months ago. Fannie Mae and Freddie Mac will not even require records from borrowers who have missed paying loans; have small credit scores, or those who are struggling financially.
Of course, there are borrowers who pay up-to-date. These people will be given more time to process their short sale and also those who are facing difficulties like divorce, employment layoff, death in the family, disability, and others.
People from the military are quite lucky because they are automatically entitled for short sales even if they have existing mortgages, and they will be excused from insufficiency of payments if ever.
Homeowners who have enough income are invited to contribute funds to cover a fraction or all the part or the entire deficit among the outstanding loan balance and the home prices.
Days ago, the new guidelines set by National Association of Realtors have taken effect. It is connected to the guidelines that FHFA, Fannie Mae and Freddie Mac have set.
Guy Cedala, publisher of the trade publication Inside Mortgage Finance, told the Wall Street Journal that the $6,000 given to second-lien holders is not enough to halt a short sale. However, NAR added that with this it will allow families to avoid foreclosure. Short sale will also help the real estate market by alleviate the home values and keeping the neighborhoods busy while recovering.
Other Articles to Read:
Possible Outcomes If your Short Sale Approved
Preparing for a Gainesville Short Sale
Amount of Home Loans Increased as Rates Slides Downward
Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.
Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents
Your Short Sale Agent Stephanie Anson
