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:

Gainesville Homes For Sale Report On Short Sale Alternative Right Party Contact Program

3 Questions to Ask Before Hiring Gainesville Short Sale Agent

Options To Prevent Gainesville Foreclosure when Unemployed

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

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Mortgage after Gainesville Short Sale

On August 28, 2013, in Gainesville Short Sale Agents, by Stephanie Anson

Is it a good idea to stop making mortgage payment while the home is in short sale?

Are you thinking whether you should stop making mortgage payments while the home is on short sale? If so, then you’re required to consult with the lawyer whether to stop making payments. Well, avoid asking your real estate agent as he is not licensed to offer you legal advice. There are certain benefits as well as consequences if you stop making payments. You can continue reading the article to get more information on it.

Can you tackle the trauma of foreclosure?

In most of the cases, the lenders do not authorize a short sale unless the seller gets hold of a buyer. Well, it’s the discretion of the lender whether he’ll let you sell the property on short sale.

You may begin the short sale process and stop making payments and if the short sale is denied, in this case, the lender can foreclose on your property. Most of the sellers are prepared for the worst scenario as the lenders may not approve their short sale.

What are the benefits of mortgage payment in short sale?

Here are some of the benefits of mortgage payment in short sale that you need to be aware of:

1. Can apply for new mortgage: The guidelines issued by Fannie Mae in August, 2008 stated that the borrower may immediately buy another home after short sale if the borrower has not defaulted on payment.

It’s really difficult to find a lender who’ll conduct a short sale but there are smaller banks those who do not sell to Fannie Mae and consider this kind of loan. According to the FHA, if the buyers has never defaulted on payment, he can get the loan with ease. According to the HAFA 2013 guidelines,  the lenders are allowed to report “Paid in Full”, so it makes a great difference on a credit report.

2. Shields your credit report: If you make your mortgage payment on time while you’re entering the short sale process, then the credit report may not reflect any late payment.

3. Cancel without any penalty: Well, if the home is not sold or lender refuses to accept the offer from the short sale buyer, you can manage to cancel the listing as well as keep your home without foreclosure process.

What are the disadvantages of delinquent account during a short sale?

Here are some of the drawbacks of default during your short sale:

1. Blemish your credit report: Short sale and foreclosure may blemish your credit report. In most of the cases, the lender may report as a delinquent account to the credit bureau. But the lender can report a short sale as paid in full only if you’ve completed a HAFA short sale after 2013, it may not affect your credit.

2. Face problem while buying a new home: There are restrictions if you’re planning to buy a new home as the number of foreclosure and short sale is increasing. If the buyer is late by 60 days and according to the guidelines of Fannie Mae to wait two years to buy another home.

3. Foreclosure process on the property: Your property can be foreclosed by the lender if you default on your payment.

Therefore, make your payments while the home is in short sale as it can help you to avoid foreclosure on the property.

visit our google+ page to get more information on mortgage.

Rikk Miller

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Navigating a

On August 19, 2013, in Gainesville Short Sale Agents, by Stephanie Anson

Navigating a short sale – Is it possible to get a mortgage loan after a short sale?

 

Studies reveal that short sales and foreclosures comprise about half of real estate sales as more and more buyers are not being able to repay their mortgage loans and retain their homeownership rights. Spring 2013 saw a large number of real estate sales as more and more buyers snatched homes at lower prices than the actual. When you’re about to face foreclosure and you can’t afford a home, you might as well qualify for a short sale, even when you don’t think that you can sell off your home. You must be wondering how you could get into a good short sale deal with your mortgage lender. Well you need certain amount of patience, fortitude and a lot of good fortune in order to complete a short sale. Read on the concerns of this article to know more on a short sale.

 

Short sale – What is it and how does it work?

 

When you take the decision of selling your home for an amount which is much less than what you owe to the mortgage company, this is called a short sale. Buying a real estate property that is sold through a short sale is certainly different from buying a home which is owned by the bank, known as real-estate owned property or a property that has been in foreclosure. This process is also called a pre-foreclosure sale and when your mortgage company agrees to a short sale, you can easily sell off your home and pay off the mortgage balance with the proceeds. A short sale can be a lucrative alternative to foreclosure when you’re:

 

  • Ineligible to modify your mortgage or opt for a refinance
  • Behind on your monthly mortgage payments
  • Underwater on the mortgage loan
  • Not being able to sell off your home at a price that covers what you still owe on the loan
  • Facing dire financial straits
  • No longer being able to afford your home and you need to leave right now.

 

Getting a home loan after a short sale – Is that possible?

 

When you’ve already gone through a short sale, this doesn’t mean that you have to put an end to the dream of home ownership. All underwater homeowners who sell off their homes for less than what they owe are actually able to qualify for a home loan. A second try to owning a home won’t happen overnight and hence you need to make a lot of calculations through a home mortgage calculator in order to know whether or not you can immediately qualify for such a loan. Today’s lending environment is extremely tight and this is why most homeowners tend to think that it is almost impossible to qualify for a home loan after a short sale. But there is certainly a ray of hope even after a short sale. Here are the minimum requirements to grab a loan after a short sale.

 

  • The short sellers usually have to wait for at least 2 years after closing the short sale to get a mortgage loan.
  • The short sellers usually have to wait for 4 years with a 10% down payment on your next mortgage loan.
  • The short seller has to wait for 7 years if he pays down an amount which is even less than 10% of the loan.

 

For getting FHA loans, you have to wait for a 3 year waiting period since the closing date of the short sale. Meanwhile you can try your best to repair your credit score in order to become a favorite among your lenders yet again and get a mortgage loan within your means.

by

Rikk Miller

rikkmiller1980@gmail.com

 

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I run my brokerage firm and I do not comply with any company dictating how I receive and pay commission nor how I am to run my business.  It is not about how many deals I can do that is not what I am addressing nor is it any part of what I have an issue with.  If I will not let an agent working for my company list at 4% where does some outside company have the right to dictate a portion of my commission for both sides of the sale.  Additionally, I had the buyer under contract and submitted to OCWEN prior to this new roll out.  This causes a problem with the already executed contract.  I think contract classes are in order if this is not understood.  I do not run with the sheeple, I am of able body and mind to make decisions for my own company.  Since they require Arms Length Transactions, let them apply the rules to themselves.

Fellow real estate agents this is a must read if you have short sales with Ocwen. Ocwen sending a letter that states Page 1 Item F “Listing Broker has requested RHSS to provide and RHSS has agreed to provide (or cause to be provided) the services to the listing broker pursuant to the terms and conditions as set forth herein”…..

How many of you agents have solicited Ocwen for this agreement? The agreement I saw was signed by Christian Webb on behalf of RHSS. Christian Webb is not licenced in the state of Florida. Look up Real Home Services and Solutions (RHSS) Also dba Altisource. Then section 9.1 and 9.2 on pages 3 and 4 Altisource owns Hubzu and RHSS. Does this sounds arms length?

Altisource owns HUBZU and RHSS.  The agreement they want the listing broker to sign states that the listing broker has requested RHSS to provide the services (not true, this strong arming and if there is a legal concern and I sign this agreement then I am lying and supporting their false tactics).

KEEP READING:
William C. Erbey. Mr. Erbey has served as the Executive Chairman of the Board of Directors of Ocwen since September 1996, as the Chief Executive Officer of Ocwen from January 1988 to October 2010 and as the President of Ocwen from January 1988 to May 1998. From 1983 to 1995, Mr. Erbey served as a Managing General Partner of The Oxford Financial Group, a private investment partnership that was the predecessor of Ocwen. Mr. Erbey has also served as Chairman of the Board of Directors for Altisource Portfolio Solutions S.A. since July 2009. He is also the founder of Home Loan Servicing Solutions, Ltd. and has served as its Chairman since December 2010. He also has served as Chairman of the Board of Directors of Altisource Residential Corporation since July 2012 and as Chairman of the Board of Directors of Altisource Asset Management Corporation since March 2012. From 1975 to 1983, Mr. Erbey served at General Electric Capital Corporation in various capacities, most recently as the President and Chief Operating Officer of General Electric Mortgage Insurance Corporation. Mr. Erbey also served as the Program General Manager of GECC’s Commercial Financial Services Department and as the President of Acquisition Funding Corporation. He holds a Bachelor of Arts in Economics from Allegheny College and a Master of Business Administration from Harvard University.

With extensive experience in the financial services and mortgage industries, Mr. Erbey provides the Board of Directors with an informed perspective and thoughtful insights into strategic and operational opportunities, economic and industry trends of relevance to the Company and guidance on the competitive positioning of the Company. Throughout his tenure, Mr. Erbey has successfully demonstrated his business acumen and commitment to our Company. His wide-ranging expertise in the financial services business and extraordinary leadership capabilities are recognized as invaluable by the Board of Directors.

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Gainesville FL Kanapaha Botanical Gardens sign04

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.

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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

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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:

How Long is a Short Sale?

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.

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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

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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

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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. 

Other Articles to Read:

Gainesville Short Sales Hiring Incompetent Short Sale Agent

Short Sale Top 10 Questions

95% of Gainesville REOs Need Repair

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.

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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

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