Stephanie Anson

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Increase in Prices Saved Millions of Homeowners Across America

Increase in prices saved millions of Homeowners across AmericaHome prices are significantly rising. In just the first six months of 2012, CoreLogic reported that the number of homeowners who have escaped being in an underwater status are about 1.3 million, and about 2 million homeowners will receive equity if the worth of state homes will add up an increase of 5 percent.

Residential Homes that have a mortgage lower than their standing credit decreased to 22.3 percent last June from 23.7 percent as recorded last March, CoreLogic said.

CoreLogic translated that from 12.1 million when 2011 closed, to 11.4 last March, then to 10.8 million last June, the number of homeowners who indebted more than what their homes are worth decreased to a very momentous number.

Mark Fleming, CoreLogic’s Chief Economist, said that the rush of home prices this spring and summer, the stumpy levels of accounts, and the falling REO sale shares are all contributing factors to the blossoming house market and decreasing negative equity.

US States that have the highest percentage of mortgage underwater properties are:

Nevada (59 percent)
• Florida (43 percent)
• Arizona (40 percent)
• Georgia (36 percent)
• Michigan (33 percent)

These 5 states occupy 34.1 percent of $689 billion negative equity in the country.

Most of the states mentioned are those that show low status in the housing market, CoreLogic said. Many homes that are underwater are priced less than $200,000 contrast to homes that are priced above $200,000 that are within the 17% range.
Those lenders that have second loans relating to their homes are really submerged “underwater”. About 4.2 million homes have second loans and that’s about 39% of the identified underwater lenders. This group has an average loan balance of about $300,000 – more than of what their home is worth.

There are underwater lenders that do not have second liens, this occupy about 61% of the bracket. These borrowers have an average balance of $216,000 of which these homes are $51,000 more than the average.

Other Articles to Read:

Defending your Gainesville Home against Foreclosure

Determining if you have a Financial Hardship

Is your Gainesville Short Sale Lender Delegated?

Is your Mortgage Lender and Where you Bank the Same

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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Defending Your Gainesville Home Against Foreclosure


Defending your Gainesville Home Against Foreclosure

Each state is governed by different foreclosure laws and procedures; it is advisable to have an attorney to help you with your decision regarding foreclosing your home.

In Gainesville Florida, buying a property means owning the deed of the house by a statutory warranty deed. This deed is very important; keep it at all times and must be with you when you decided to close your home and began doing the paperwork. With this, this makes Florida a deed state.

The course of foreclosure process involves court procedures. As a homeowner, you have the right to represent and defend yourself versus a foreclosure. The lender cannot just foreclose your property, it is a must for the lender to go to the court, find an attorney for you to hand in the deed to them. With this, it might a long time to get the results of your foreclosure.

There are sequence of events that might be applicable in Florida:
• When you are a Gainesville homeowner whose not paying your mortgage payment up-to-date,
• Expect a call from your lender and a
• Letter of late payment
• If payment is still not made, the lender will send a demand letter
• Lender will file Lis Pendens. Lis Pendens is a notice to foreclosure and summon against the homeowner.
• You have 21 calendar days to reply to the complainant and answer the court.
• The lender is allowed to put your property in the local newspaper including the location, but it must be approved by the judge. This is done if you avoided the process or have left your gainesville property and did not leave a forwarding address.

It will take 90 days to 24 months for your house to be on sale on the ‘courthouse steps’. It is recommended for you to get your own gainesville foreclosure defense attorney. They know how to delay the foreclosure. With the given timeframe, it will allow you to still obtain a buyer and put your home on Gainesville short sale and closed.

During the process, it is essential for you to respond to all of the summons and complaint. Let your attorney handle the responses and have a short sale agent to take care of selling your house. Always be present when the court requires your presence. Get in touch with Alachua’s county court clerk’s office to know the requirements when filing a response. If you can’t afford an attorney, your court house might be able to help you with this. If you are looking for the best Gainesville short sale agents and realtors so pls check this out.

Other Articles to Read:

Bank of America’s Cooperative Short Sale Program

Banks Are Calling Homeowners To Solicit Short Sales

Options To Prevent Gainesville Foreclosure when Unemployed

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-535-0620 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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Wells Fargo got the Case, Mortgage brokers are to be blame

Wells Fargo got the Case, Mortgage brokers are to be blame.Just last July, Wells Fargo & Co. was accused of biased lending. The said company paid $175 million just to resolve the issue. What’s worse is that it puts the blame to independent loan brokers for selling their mortgages, and this in turn closed the opportunity for extensive mortgage operation.

For these mortgage brokers, whose making an income by mediating between borrowers and lenders, this resulted in a negative flow of revenues. It also ended their work with the large banks, making Wells Fargo, one of America’s major wholesalers, as their last.

The housing downturns have left several mortgage brokers to conclude wholesale lending, and the current experience is just a major setback. It changes how they operates that these brokers feel they are being blindsided.

Way back year 2008, brokers handled about 27 percent of the amount of total mortgage but today, it lessened to 10 percent

Recent years, the quantity of people who assist home loan has dramatically gone down. This would drop extensively since Wells Fargo is out of the loop. Wells Fargo have helped many broker-related situations, funded a total of $7.4 billion in the first quarter of 2012.

Gainesville Realtors® are left with no choice but to turn to minor lenders who might be stress out to handle what Wells Fargo put behind. There are homebuyers who prefer brokers to deal straight to the banks because brokers can give mortgage proposals that are priced less than retail lenders. However, the amount of Gainesville Realtors® has shrunk in the past years, and they have been blamed for several mortgage disasters.

Tom Goyda, spokesman of Wells Fargo, said that by removing the system they are committed to fair and responsible lending.

There are federal regulators who blamed Wells Fargo for charging African-American and Hispanic borrowers with higher rates than those qualified Caucasian borrowers.

What mostly concern brokers Gainesville Realtors® are the processing time of the loan, it might be slower. They are also worried that Wells Fargo might end or regulate their connections to correspondent lenders because numerous major banks have already chosen to do so.

Wells Fargo still does business with correspondent lenders because these lenders grant and fund loans in their own label before trading a mortgage to a lender. Wells Fargo is so far backed up with the amount of incoming leads that they have failed to process loans in time. I had one loan that took over 90 days. I flipped the buyer to another lender but I wanted to see how bad the service from Wells Fargo was going to be so I left the file open with them. It took over 90 days without resolution; they lost my business needless to say.

I received excuses that they were overloaded, backed up, etc. Guess what guys, people need jobs, how about you hire. This is not just a local Gainesville Florida problem. I had the same issues with Wells Fargo in the Orlando area.

Wells Fargo and these correspondent lenders have mutual interests where brokers can still propose mortgages to clients. If the bank were to discontinue this relationship, it could produce problems for many clients.

Other lenders are already reluctant to work with Wells Fargo because a possible litigation might ensue. These might cause regulators to pursue other lenders for their transactions.

Other Articles to Read:

Bank of America’s Cooperative Short Sale Program

Banks Are Calling Homeowners To Solicit Short Sales

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

  

Pricing of your Gainesville Short Sale

Pricing of your Gainesville Short Sale Pricing the property right will have a greater chance for it to sell. There is a strategy to pricing depending upon several factors. This will depend upon condition of home, last mortgage payment made, the short sale lender involved, foreclosure sale date and market conditions.

The main factor in pricing a home is if it is in active foreclosure and or how long the payments have been in arrears. Once a homeowner stops making mortgage payments the clock towards foreclosure starts ticking. This means you should start becoming more aggressive with your pricing strategy the longer time goes on when mortgage payments are not being made. Depending upon the condition, location and time line short sales typically sell anywhere from 5 to 20% below market value. You will need to check laws and regulations in your state. In Florida, once the home is past 90 days late the lender files for a lis pendens on the home.

If the house is not in foreclosure status and it is not past due with its mortgage, the home should be priced closer to market value with a price reduction strategy for it to go under contract. The lender will want to obtain maximum profit for the short sale and keeping a marketing history and price reduction worksheet to give added fuel to getting the offer priced approved once an offer is received.
As the short sale agent, it is important to understand short sales and the market conditions clearly. Many times short sales sit due to an improper pricing strategy.

Here are some of the pricing strategies to adopt:
• You may lower the price 25 – 30 days after the initial posting of the property in short sale. Depending upon how late mortgage payments are you may be reducing slightly every 2 weeks thereafter. It is important to note to have a bottom line range to stop so the home is not priced out of an acceptable range by the lender. The goal is to be in the ball park.
• How you price your home listing depends on the current market, the status of the house, and the community wherein it is situated.
• If the homeowner is not updated with its mortgage payment, it is advisable for a price reduction of 6% to 10% for $150,000and below, 5% to 10% for properties $200,000 to $300,000. Furthermore, for luxury properties, a bracket within $50,000 to $100,000 is maintained.
• If the property is on a foreclosure status, price it according to the current market value and lower the price around 10-21 days period until a proposal is made.
• If the short sale listing is not in danger to be foreclosed and the seller is paying his/her current mortgage, keep the prices high and choose the best offer if possible.

Have a tangible business plan of the range of listing prices you agree to take. Worst comes to worst, you would not end up in deficit with the short sale property you are working on. You need to include your time, hard work, and cash expenses. Deduct them to the commission you’ll get when the short sale will close. Planning ahead of time is a necessity so as not to build up emotional stress along the way.
You can have a fixed amount that will be basis for your time, effort, and expenses. The sum is the basis wherein you will not accept listings under that amount.

Other Articles to Read:

More homeless? Where will the mortgage settlement fund go?

My Gainesville Short Sale Appraisal Came in Low, Now What?

Gainesville Short Sale Qualification Process

When Can you Own a Home Again After Foreclosure?

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

  

Strategies to Market your Gainesville Short Sale

Strategies to Market your Gainesville Short Sale – Anson Properties has expert Gainesville Short Sale Realtors who have successfully handled short sale listings, require listing periods of no less than 1 year on the Gainesville Short Sale Homes. During the listing period, short sale lenders are observing the status of the property. If it takes a period of time for the listing to be approved, the lenders may request an extension of the short sale to be listed. It is necessary to make sure to get duration of one year for the listings to avoid trouble. If it is near on the time-frame given, that’s the instant wherein we obtain another extension for the listing.

Aside from having 12 month listing period for the short sale, there are several points to take note while the listing duration is on-going. Here they are:

• Have a Marketing List of all the online and offline postings you have done. Track the post that you are listing on and the date of posting. Take notes of all the internet sites where you are posting on, like your blog, Trulia, Postlets, Realbird, Craigslist, Activerain, and others.

Provide an efficient showing schedule. MLS can provide a schedule system for showings where it produces a response form through email that can be printed along with other showings that the system has generated.

The showing sheet involves the name of agent, their phone number, brokerage name, time, and date. In the lower portion, you can also add a comment area for prospect buyers to fill in.

Store your Listing Files in an organize manner. There are several digital platforms like Dropbox and Google Documents wherein you can keep a soft copy of all your listing files. Aside from keeping digital files, it is best if you have a folder of the files in your very own office. The digital files are just a back-up for online transactions and other matters.

• For every short sale listing, keep a pricing history. In MLS, a pricing history is kept but it is important to have a paper file on-hand for emergency needs. You can keep them on the listing files as well.

If it is necessary, a seller will sign into a contract that Anson Properties are authorize to reduce the price of their home if it is needed in order to sell the property.

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 – How to Process a Short Sale File

Gainesville – How to Process a Short Sale File
Anson Properties, who successfully handles short sale listings, understands the time sensitivity of the short sale process. During the listing period, short sale lenders are observing the status of the property. If it takes a period of time for the listing to be approved, the lenders may request an extension of the short sale to be listed. It is necessary to make sure to get duration of one year for the listings to avoid trouble. If it is near on the time-frame given, that’s the instant wherein we obtain another extension for the listing.

Aside from having an annual period for the short sale listing, there are several points to take note while the listing duration is on-going. Here they are:

• Have a Marketing List of all the online and offline postings you have done. Track the post that you are listing on and the date of posting. Take notes of all the internet sites where you are posting on, like your blog, Trulia, Postlets, Realbird, Craigslist, Activerain, and others.

• Provide an efficient showing schedule. MLS can provide a schedule system for showings where it produces a response form through email that can be printed along with other showings that the system has generated.

The showing sheet involves the name of agent, their phone number, brokerage name, time, and date. In the lower portion, you can also add a comment area for prospect buyers to fill in.

• Store your Listing Files in an organize manner. There are several digital platforms wherein you can keep a soft copy of all your listing files. Aside from keeping digital files, it is best if you have a folder of the files in your very own office. The digital files are just a back-up for online transactions and other matters.

• For every short sale listing, keep a pricing history. In MLS, a pricing history is kept but it is important to have a paper file on-hand for emergency needs. You can keep them on the listing files as well.

If it is necessary, a seller will sign into a contract that Anson Properties are authorized to reduce the price of their home if it is needed in order to sell the property.

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 Short Sale Agent and Attorney Communication

Gainesville Short Sale Agent and Attorney Communication
Short Sales sometimes carry a bad stigma when it comes to the amount of time it takes to work through the short sale process. Though short sale lenders are improving their process timelines there is still much to be said about taking 4 – 6 months to work a file and keep both the buyer and seller on pins and needles.

It is important to have an attorney as part of your short sale to assist in answering any legal questions that may arise. If legal counsel is sought I would recommend doing so in the very beginning. You will also want to ensure the attorney you speak with not only handles (processes) short sales but also has plenty of experience. There are many attorneys out there that are great and those that have not navigated short sales, do not understand how to work with the banks and look out for their bottom line. Please make sure to do your homework on the attorney you hire and find out how experienced they are.

If and when you decide to bring an attorney on board it is imperative that you communicate with your short sale agent. Lack of communication and not having both your attorney and short sale agent on the same page can be detrimental to your short sale. You very well may experience delays, file holds, and refusal from the bank to work with your short sale agent.

Even if you provided your Gainesville Real Estate Agent authorization to work with the lender, bringing an attorney in after the file is established can prevent your agent from moving the file forward. The attorney must provide authorization as well for the short sale bank to continue to communicate with your agent.

I had a client who took advice from a friend and hired an attorney midstream of the short sale. I was not informed up front prior to the attorney contacting the lender and the file went on hold. The attorney was hired for short sale approval letter advice only but it prohibited me from having any communication with the negotiator until I was able to get a written and signed letter on letterhead from the attorney stating I was authorized on the account. Unfortunately, the attorney right after being hired was to be out for 4 weeks on medical leave and the file was unable to move forward.

The negotiator needed information from a representative of the file and I was unable to help since I needed the attorney authorization and the he was no where to be found. Since he was his sole office, no partners, I was unable to have another attorney provide it on his behalf. I had the seller contact the lender directly and write a letter stating they no longer were working with the attorney and wanted to file to continue. The negotiator demanded a letter from the attorney stating so. The seller finally retained another attorney to write the letter and provide the representation in order to prevent the file from being closed and from losing the buyer.

We had a successful closing but not without some unneeded delays and additional work on behalf of many parties involved.

Other Articles to Read:

Why Don’t I Just Let the Bank Foreclose?

3 mistakes to avoid when short selling your Gainesville home

Gainesville Short Sale Cost

My Gainesville Home Need Repairs, Can I still Short Sale?

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

  

Why Closely Monitoring a Gainesville Short Sale is Important

Why Closely Monitoring a Gainesville Short Sale is Important

Anson Properties received a short sale approval yesterday and from the start, working with the lender proved to be extremely difficult. We’ve jumped through several loopholes while maintaining as much patience as we could muster. The homeowner’s loan was transferred from their lender to ServiceLink for processing as a short sale and in doing so the loan number was changed. First of all the seller was not notified of the transfer until weeks after it took place, thus delaying our short sale communication. I would email and call and leave messages with our assigned negotiator at the original bank, with zero response in return. After 2 weeks of persistence I finally had enough and escalated the file to a supervisor which took an entire day of phone calls, transfers and being on hold. I was determined to get to the bottom of it no matter how much time it took. Once I finally was able to speak with a supervisor I was then informed that the file was transferred to ServiceLink.

The problem with this is that we will have to start the process all over again and the paperwork will have to be re-submitted with the new account number. This means the comprehensive short sale file will have to be redone with the new account information and resubmitted. Only problem is that we did not have the new account info. I hop on the phone with ServiceLink and knowing how to navigate the waters had to reference the file by the seller’s social security number. Not to my surprise they are unable to find the file. I walk them through how the file came to them so they can check with the appropriate department and I refused to get off the phone until I verified they had the seller and their account in the system and also obtained the new loan number. This took up my entire morning to resolve something that is not rocket science guys! Do you think they could stand for some process and policy improvement here?

I updated all the paperwork and submitted it to ServiceLink and we continued down the short sale negotiation path. Within about 2 months ServiceLink finalized their review, BPO and provided a Short Sale Approval Letter. The buyer and seller were in agreement in terms, we started the inspection and buyer loan process and low and behold the file is transferred again! Now it is with Seterus. Are you kidding me? We have a valid short sale approval letter.

Here is why maintaining correspondence and a log documenting conversations, points of contact with dates and times are so important. I spent 2 additional weeks speaking to supervisors to overcome the file transfer. This is important because Seterus wanted to start the process all over again and I was just not having it and our Short Sale Approval Expiration was coming up. After jumping on some desks as I like to call it and spending hours on the phone escalating the calls to supervisor, department head and finally VP did I get it resolved. I was successfully able to have the approval letter date extended to cover the delays caused by these institutions and made the closing happen.

This is why it is very critical you have an short sale agent on your side that knows what to do and does not take no for an answer. If agents do not stay on top of their files and do not follow up consistently this could have ended with no sale, seller in default and several upset parties.

Other Articles to Read:

Possible Outcomes If your Short Sale Approved

Why it is Important to Understand the Short Sale Process

Gainesville Short Sale Agents Rent To Buy Scheme

Gainesville Short Sale Qualification Process

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 Owners filed against Leading Lenders

Gainesville Short Sale Owners filed against Leading Lenders Last year, several lenders vowed to work together with the underwater homeowners to avoid deceitful practices as mentioned in the national legal settlement. However, just recently, there are numerous homeowners in Florida who reported complaints versus the leading lenders.

A deal was made by several states and federal leaders last February which was believed to compel America’s top five lenders to minimize their interest rates, trim down principal or propose cash to those mortgage clients that are struggling.
What has surfaced recently are largest lenders’ clients are greatly disappointed. The percentages of those complaints are in immense numbers; this record was provided by the Florida Attorney General’s Office to the Orlando Sentinel.

Bank of America 39%
Wells Fargo 28%
JPMorgan Chase 28%
Citi 9%
Ally/GMAC 4%

One of the complainants is a condominium owner in the business district of Orlando who opposes to the decision of the legal settlement in which “underwater” mortgage customer who has a property that is now cheaper than the loan will not be able to work with a bank unless the lender is not just a mortgage servicer but as well as own it.

This complainant mentioned that Florida Attorney General and several state attorneys have let the banks reserve a little amount of money to satisfy the needs of the customers who have been deliberately paying on their underwater mortgages. In Florida alone, there is a huge $8.4 billion shared to the state under the settlement but lenders are entailed to use only 4 percent to aid some homeowners in settling their mortgages.

The number of underwater homeowners is very high that the banks cannot refinance all of them. In Orlando city alone, there 250,000 houses are currently worth much less than their mortgages reported by a real-estate research group, CoreLogic Inc. The Florida Attorney General is now facing 1,000 complaints by Floridians against five lenders who processed unlawful mortgage documents.

Upon the announcement of the settlement, the Florida Attorney General Pam Bondi mentioned that the settlement will serve as an aid to struggling homeowners in Florida. The same with the U.S Department of Justice Officials, they said that the result of the settlement will help homeowners all over the country because the mortgage principal is minimized and the loans will be refinanced.
Florida prepared a committee to look closely to the mortgage servicers to see to it that they will comply with the agreement.
Bondi’s Office promised to help ensure that the lenders are complying with the settlement, and they expect to set aside large sums of money to cover the cost if follow-up will be needed as well as investigations.

Some critics said that the problem is not with the compliance of the lenders. The problem is the settlement because it do so little to relieve the homeowners.

Other Articles to Read:

736K self-insured Florida residents to get rebate

30-year FRM hits record low at 3.66%

Gainesville Short Sale Agents Rent To Buy Scheme

Gainesville Short Sales – Why Don’t I Just Let the Bank Foreclose?

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

  

Military Homeowners To Get Short Sale Assistance

Short Sale Policy Information for Military Homeowners

Federal Housing Finance Agency (FHFA) acting director, Edward DeMarco, announced short sale policy changes for active-duty military homeowners.

With this new set of rules, military homeowners can now short sale their homes without having to take a loss. This means they will be free from any deficiency judgments— no cash contribution or promissory note at closing. Plus, they don’t have to default on their loans to qualify.

This policy applies to military homeowners with Permanent Change of Station (PCS) order whose mortgage is backed by Fannie Mae or Freddie Mac. Furthermore, the home must have been bought on or before June 30, 2012.

PCS orders usually require a quick move. This creates hardship for military homeowners who are underwater but couldn’t sell their homes without significant losses. FHFA developed this new policy to provide military homeowners with access to immediate and automatic full range of foreclosure alternatives.

Extending short sale assistance to men and women serving in the armed forces is in the best interest of everyone as they would be able to focus more in their duties to defend the country, rather than worry about the maintenance and leasing of a property in another jurisdiction.

Last year, PCS orders have been considered a qualified hardship for forbearance and loan modifications by Fannie and Freddie.

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

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