736K Self-Insured Florida residents to get rebate

736K self-insured Florida residents to get rebate

The Florida Department of Health and Human services announced that health insurers will pay $124 million to about 1.3 million Florida self-insured residents. The amount may vary but the average is about $168 rebate per household.

This rebate is part of President Obama’s 80/20 rule in his Affordable Care Act. This health care reform requires insurance companies to spend at least 80% of consumer’s premium dollars directly on patients, medical care, and quality improvement. The other 20% should be allocated for administrative and operating cost such as salaries, sales, and marketing.

Insurance companies who do not meet the 80/20 rule must send rebates to their policyholders not later than August 1 this year. It has been reported that about a third of the insurance companies have not met the 80/20 standards.

On a national level, health care insurers will refund about $1.1 billion to 12.8 million people.

The Health and Human Services noted that some insurance companies spent as little as 60% of premium dollars on consumers, during which, these companies saw record profits while policyholders only saw record premiums.

There is no qualification or application needed. Residents who maintain a personal health insurance policy and deserve a rebate will either receive a check in the mail or credit will be reflected on their next insurance bill.

Other Articles to Read:

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

Gainesville Residents are Not Scared by the Housing Crisis

Possible Outcomes If your Short Sale Approved

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

  

30-year FRM hits record low at 3.66%

30-year FRM hits record low at 3.66%

Short-term mortgage rates to remain unchanged, according to 50% of experts polled by Bankrate.com. Experts who account 17% of the poll foresee further drops, while the remaining 37% predicts an increase.

The average U.S. loan interest rate for a 30-year fixed mortgage fell this week to a record low for the 7th time in just 8 weeks. Cheap mortgages take the credit for the modest recovery of the unstable housing market.

Freddie Mac disclosed that the average interest rate on a 30-year loan dropped to 3.66% from its previous rate of 3.71%. This is the lowest interest rate since the long-term mortgages began back in the 1950s.

Meanwhile, the average interest rate for a 15-year mortgage declined to 2.95% from its previous rate of 2.98%. The current rate is just a little higher than the record low of 2.94% hit two weeks ago.

Since December of 2011, the rate on the 30-year loan has been down by a good 4%.

Low rates help the economy if more people refinance. Refinancing at lower rates allow borrowers to pay less interest on their loans and have more cash to spend.

Other Articles to Read:

Gainesville Homeowners – Have an FHA Loan – Help on the Way

Gainesville Residents are Not Scared by the Housing Crisis

Gainesville Short Sale Agents Rent To Buy Scheme

When Can you Own a Home Again After Foreclosure?

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

  

Foreclosure review deadline, extended

Foreclosure review deadline, extended

Foreclosed homeowners who think they may have been victims of unfair foreclosure process between the years 2009 and 2010 have two more months to ask the federal government to review the proceedings.

The Independent Foreclosure Review intends to determine whether individual homeowners suffered financial harm and should receive compensation or other remedy because of errors, misrepresentations, or other deficiencies that may have occurred during their home foreclosure process.

Request for review have been extended to September 30, 2012. The Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (Federal Reserve) emphasized that ex-homeowners who believe that they have been financially injured due to the errors in foreclosure actions on their homes in 2009 or 2010 will be duly compensated, provided that the foreclosure was done by one of the 27 lenders participating in the process.

The government has released guiding rules to follow in calculating for the compensation. Such compensation could be in a form of a lump-sum payment, suspension or cancellation of a foreclosure, loan modification, loss mitigation assistance, correction of credit reports, or correction of deficiency amounts and records.

It has been reported that lump sum payments can range from $500 to $125,000 plus equity.
Eligibility for Independent Foreclosure Review includes the following:
a. The property securing the loan was the borrower’s primary residence.
b. The mortgage was in active foreclosure process (initiated, pending, or completed) at any time between January 1, 2009 and December 31, 2010.
c. The mortgage was serviced by participating mortgage servicer.

The newly released guidelines do not cover all possible foreclosure scenarios, but here are some examples of harm that could qualify for compensation.
– Foreclosure in violation of Servicemembers Civil Relief Act.
– Foreclosure in violation of federal bankruptcy laws.
– Foreclosure of a borrower not in default.
– Failure to convert qualified borrower to a permanent modification following a successful completion of a written modified payment plan.
– Foreclosure while a borrower is complying all requirements of a written modified payment plan.
– Turning down loan modification application that should have been approved.
– Failure to offer loan modification options as required.
– Offering loan modification of higher interest rate that should have been charged under the program.
– Committing errors that did not result in foreclosure but resulted in other financial injury.
Note: Borrowers can still file other actions while requesting the mortgage review. A servicer cannot require a borrower to sign a waiver not to pursue other claims under the Independent Foreclosure Review. And there are no costs associated with the review.

Participating independent foreclosure review lenders:

America’s Servicing Company
Aurora Loan Services
BAC Home Loans Servicing
Bank of America
Beneficial, Chase
Citibank
CitiFinancial
CitiMortgage
Countrywide
EMC
Everbank/Everhome Mortgage Company
Financial Freedom
GMAC Mortgage
HFC
HSBC
IndyMac Mortgage Services
MetLife Bank
National City Mortgage
PNC Mortgage
Sovereign Bank
U.S. Bank
Wachovia Mortgage
Washington Mutual
Wells Fargo
Wilshire Credit Corporation

Other Articles to Read:

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

Gainesville Residents are Not Scared by the Housing Crisis

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

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

  

1

REO agents under investigation for AG settlement

REO agents under investigation for AG settlement

Real estate agents washed their hands clean from the problems that led to the $25 billion “robo-signing” settlement with the nation’s Attorneys General—but it doesn’t mean that they will not be affected with the issue in any way.

Within the grounds of legal agreement, mortgage servicers are required to justify their payments to external firms that handle everything from documentation to asset management which includes REO brokers and agents who handle the listings.

Real Estate Owned specialists are paid to conduct inspections, provide broker-priced opinions (BPOs), and handle trash-outs and other services. However, the settlement clearly states that these providers should not be paid if they encourage undue haste or lack of due diligence over quality. The spotlight will focus more on BPOs since poor valuation can negatively affect the values of neighboring properties.

At a recent industry event, REO agents and brokers are encouraged to strengthen their businesses as to withstand the scrutiny.

Michael Waldron, a partner at financial law firm Ballad Spahr, warned the 60 REO brokers who attended a panel discussion that the issue will involve everyone and that they will start to feel the effects of the settlement.
Those who have been involved in any way will be further examined.

Other Articles to Read:

Gainesville Homeowners – Have an FHA Loan – Help on the Way

Gainesville – Principal Loan Reduction

Is your Gainesville Short Sale Lender Delegated?

Top 10 best places to buy foreclosed homes in 2012

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

  

Pressing for Insurance change, Florida lawmakers

Pressing for insurance change, Florida lawmakers

The lack of progress on Florida property insurance issues disappoints a pair of key legislators, which prompts them to prepare for another push when the matters calm down this November.

Rep. Bryan Nelson, R-Apopka, and Sen. Garrett Richter, R-Naples, chairmen of their respective chambers’ insurance committees released a three-part position paper that highlights the hidden risks all insurance policyholders face in the event of a devastating storm. Even if the Florida Hurricane Catastrophe Fund (CAT) and the Citizens Property Insurance Corp. are in their best financial shape in years, the pair argues that the programs’ relative health conceals their vulnerability and the risks it could yield to its policyholders.

Despite general agreement that Citizens rates are artificially low, and the CAT fund remains to be vulnerable, solutions continues to be elusive. Political leaders must struggle with a cold and hard reality that about 1.5 million policyholders rely on the state-backed insurer while millions more rely on the CAT fund.

Nelson pointed out that 60% of the state’s population lives within 10 miles of the coast and it would mean political suicide to force them to pay whatever the premium is.

Both chairmen are expected to again lead industry-backed efforts to return more of the market to private companies and away from state-backed insurance presently being offered at below market rates.

On the other hand, critics maintain that lawmakers should be extra cautious about such claims. Critics stressed that the chances of a major storm or series of storms breaking the bank are very low.

Sean Shaw, a former Florida insurance consumer advocate whose law firms now represents homeowners, stated that these are only ridiculous scare tactics that comes from the insurance rate hike dream team.

To outline their case, Nelson and Richter released a series of opinion cases which explained that hidden behind artificially low premiums are the possibilities that policyholders of all stripes will be hit with assessments if Citizens and the CAT fund fall short.

Nelson further said that even if attempts can be made to raise premiums for existing Citizens customers, it would be hard to wean policyholders from the plan. Chances are, lawmakers will only modify assessments and make it even more difficult to become a Citizens policyholder.

Nelson added that it won’t seem like such a great deal if they keep people from getting into Citizens.

Both sides have outlined and justified their positions. Nelson and Richter’s opinion piece indicates that a storm costing Citizens more than $13 billion could lead to assessments that nearly double premiums for Citizens policyholders the year following a storm.

But on the critics’ side, Shaw claims that the odds of it happening are only about 1 in 100, and that raising rates too high will have its own consequences as the state tries to regain its economic strength.

Shaw concluded that if the rate hike dream is considered, there will be a 100 percent chance that the delicate housing recovery will be ruined.

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

  

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

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

Gainesville FL- The answer is YES. Repairs do not hinder you from short selling your Gainesville home. It may be an issue to some realtors, but it should depend on how badly it needs repairs.

The fact is, it will not be a big deal to your lender since they will have to sell the home. If your short sale transaction becomes positive, then it will sale as a short sale. If not, then as a foreclosed home. Either way, it will sell.

Repairs involve some cash too, so be considerate that it should be congruent to its fair market price. There are buyers who are willing to make the repairs themselves.

Others would love to occupy the soonest possible and may decline the hassles of making repairs. Thus, this is less attractive to potential buyers compared to a home in good shape. This will be reflected accordingly in the price of the home.

Realtors have to be fair also, as soon as they know the buyer is going to manage the repairs, they will then make arrangements with the lender and all other parties involved for a lower price.

The bottom line is, your lender will not turn down your short sale offer just because your Gainesville home needs some repair. In the end, what matters is your bank gets a fair market value when the home finally sells.

Other Articles to Read:

Gainesville Short Sale Cost

Why it is Important to Understand the Short Sale Process

Options To Prevent Gainesville Foreclosure when Unemployed

Fraudulent Short Sales and Passing the Hardship Test

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

  

3 Mistakes to Avoid with Short Sales | Gainesville

3 Mistakes to Avoid with Short Sales | Gainesville

Short sale is a very complex process. It is quite confusing to those who are unfamiliar with its dos and don’ts. Many people have a hard time understanding short sale and there are even agents who lack the necessary knowledge and skills to handle short sale transactions.

As given, you will want a successful short sale and to do this, your first priority should be looking for an experienced short sale agent. These agents know exactly how to prevent short sale missteps, and the necessary steps involved with the whole short sale process. The experience they earned will serve as a guide toward a successful Gainesville home short sale.

So Mistake No. 1 is hiring an agent with zero experience. But it’s not good to hire agents with less experience also. What we want here is an agent who has been polished with rough times of handling short sales.

Mistake No. 2 is deeding your home to a buyer. This is not a good option and will never be. The main problem here is that you give up all your rights and lose control over what happens with your loan.

Some buyers will only rent your home out, runaway with the money, and let your home go into foreclosure. Unfortunately, you will still be accountable for your loan and will have to face the court should you want to cancel the loan.

The only way you can avoid this is to deed your home only as a part of a legitimate sale after the short sale has been approved by your lender.

Mistake No. 3 is allowing your buyer to negotiate directly with their lender. When you do this, you are allowing the buyer to have complete control of the negotiation and they may even attempt to negotiate a very low price with your lender. Also, they could provide information to your lender that could complicate any future transactions.

This usually takes time and when the buyer backs out at the last minute, you will not have any other option but to foreclose.

You will have the best chance at a successful Gainesville short sale when you avoid these missteps upfront.

Other Articles to Read:

Bank of Americas 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

  

Gainesville Short Sale Cost

Gainesville Short Sale Cost

Gainesville FL- If you think your life would be most livable without worrying for mortgage dues per month, then a short sale might just be the kind of rescue you needed to get rid of a home you can no longer afford.

You might have been considering short sale for a long time but is not sure how to get started– how the process works, the legal requirements needed, and most of all, how much it will cost you to short sell.

The answer is plain and simple– short sale will not cost you anything. If it does, then only to a minimal amount. Nevertheless, there are no costs or fees required for a short sale in majority of cases.

Please be informed however, that short sale does not come without some sort of cash involvement. Most of the money associated with short sale includes the realtors, title costs, transfer taxes, and attorney fees. Your lender should understand one common sense: if you were not able to afford your mortgage, then you will also not be able to pay for all these costs.

As short sale became a more common alternative to foreclosure, lenders today are more willing to pay on your behalf any costs involved in the short sale process. If this phenomenon baffles you, here’s what you need to know.

If financial hardships have hit you, and you have long been delinquent or you can no longer keep up with your mortgage payments, then your lender can now proceed with their legal action­­­—foreclosure.

But, lenders have already learned their lessons. They learned that foreclosure is very expensive along with its legal fees, taxes, insurance payments, and court costs. In addition to that, they will have to maintain a vacant foreclosed home, pay a realtor for resale, and sell it for below market value.

Their judgment points to short sale as a cheaper and better alternative. Thus, they are willing to pay all costs needed to short sale.

Other Articles to Read:

Gainesville Homeowners – Have an FHA Loan – Help on the Way

Gainesville Residents are Not Scared by the Housing Crisis

Gainesville Short Sale Agents Rent To Buy Scheme

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

  

1

Why it is Important to Understand the Short Sale Process

Why it is Important to Understand the Short Sale Process

It is of much importance to have a comprehensive understanding on the short sale process. So if you are an investor, listing agent, homeowner, or the buyer’s agent, make sure you are knowledgeable in every detail of the process, this ensures the transaction is well facilitated. Always make it a point that you are able to explain the process precisely to the homeowner and buyer. It is one of your duties to keep them updated regularly.

If you are a listing agent, you are definitely working in the best interest of your client—the seller. At some point, you may have to do some training, coaching, and negotiating with the buyer and the buyer’s agents.

Although as a Gainesville Short Sale Agent it is not my responsibility to coach and train the buyer’s agents and their buyers about the short sale process, however I do it to keep the buyer’s agent and buyer engaged. I am working for my client’s best interest since their ultimate goal is to get their home sold as a successful short sale and keep the buyer in the deal. Most of the buyer’s agents I speak with are ill informed of how the short sale process truly works. Many of them believe the short sale can be processed in 30 days. Are you kidding? Most short sale banks are not set up to process short sales in 30 days. Bank of America touts they have the ability to do so, however, they do not have it down yet. A realistic time frame is 90 to 120 days from the date of offer to short sale approval.

It is even more important that as a short sale agent you are not handling all files completely on your own. You will not stay in business. You should have a team of professionals to assist the sellers and buyers through the process. This includes trusted, reliable and experienced Real Estate and Tax Attorneys, CPAs and Title Companies.

Laws, rules, regulations and processes are constantly changing as well as the available homeowner assistance programs.

An essential part of a partnered company is its integrity. It is important that you consult a company that has established its reputation on closing short sales and have a proven record of success. When you do business with such company you will be at ease that the documents are completed correctly and submitted timely otherwise your short sale will not close.

If you live in a state where attorneys do all of the closings, then make sure you are working with an attorney that is an expert in handling short sales, do not take chances. If you happen to know an attorney who is competent in foreclosure defense, he would be great to work with. Another attorney you may need as a part of your professional team is a bankruptcy attorney.

Bringing together a team of professionals signifies you only want to work with the best to provide an outstanding service to help you as a homeowner.

The following steps in the short sale process will be further elaborated:

– Vetting the homeowners for the short sale
– Gathering the documents from the homeowner for the short sale package
– Putting the short sale package together
– Pricing the property correctly
– Listing the property, strategy for success
– Accepting offers on the property
– Sending the authorization letter
– Sending the package to the lender
– Receipt of package by the lender
– An authorization letter from the homeowners to give you permission to go around the servicer and go to their note owner
– Lender orders the BPO and/or an appraisal
– If offers are in line with ratios on BPO or appraisal, lender sends package to note holder/ investor
– Note holder approves package with conditions
– Lender sends package to MI or PMI for approval if applicable
– Short sale lender sends acceptance letter to listing office or title company
– Title company gets ready for closing

Below is a testimonial from one of my happy and satisfied clients.

It has been an absolute honor working with Stephanie Anson.
Stephanie is professional, prompt, and truly has the heart of a teacher. We knew nothing about the short sale process. In fact, because of our previous home buying experience, we were pretty skeptical we would meet a realtor we could rely on and trust.
From the first time she came to our home, Stephanie was able to put us at ease. Before we agreed to work with her, Stephanie offered to hold a free workshop simply to explain the short sale process. She was incredibly patient and answered all of our questions (over and over again). She was able to connect her knowledge of the industry with her own personal experience and the experiences of past clients.
She gave us incredible counsel when it came to showing our home. When we saw the listing live on the Internet we were amazed at how gorgeous it looked. Several potential buyers thought it was awesome too because we got an offer less than five days after viewing. Throughout the process we were kept in the loop and always knew the best case and worse case scenarios. We were prepared for anything.
There was no doubt that Stephanie always had our best interest in mind. We are so thankful to her because she has helped us get from under the burden of this upside down mortgage. The job she did for us literally changes our life for the better.

–Val and Paul Brown

Short Sale Financial Worksheet

Once the initial short sale criteria has been established, you should understand that there are many possible outcomes of the short sale. This is the most important thing to emphasize, there are NO guarantees. Both parties will do the best to get the short sale closed, but there are no guarantees that it will happen the way it was planned.

As the seller you must be motivated on this. You need to be committed to the process and the possible outcomes of the deal. You control your end of the process and if you are not serious about completing a short sale, it wastes many peoples time. Sellers that want to back out on their part of the deal especially when it comes to signing notes or bringing cash to the closing need to understand up front this may happen. If this is not of interest for them then a short sale may not be an option.

In this short sale business, this is a chance we all take in. Your attorney could draft an addendum to your counter offer to the buyer that indicates that if the seller does not agree with the terms the lender sets forth, the seller has an option not to close and that there will be no default on the seller’s end.

Most of the time, if there is a deficiency, it is still much better than a foreclosure deficiency.

The next thing you will have to do is have the estimates for qualification purposes only. There are certain expenses which the homeowners may not realize they have, so you will have to guide them so these things will be identified and considered. Child expense is one area that is always under reported. Parents don’t usually see their children as expense accounts, explore this area and ask questions pertaining to all child-related expenses including school fees, nannies, how much they spend on formulas and diapers, and other special treatments.

Most families do not monitor their monthly expenses on groceries. So in this case, suggest appropriate guidelines. Lenders would usually accept $800 per month for a family of four. You can use this guide and adjust it according to the size of the family.

Although having a baby is a blessing, one of the hardships that hit a family is supporting for that baby, especially if it comes out two in one delivery. Another childbearing-related hardship is having a high risk pregnancy and the mother should sacrifice employment. Include all baby-related cost like food, diapers, clothing, new car seats, cribs, and more. Sum up the expenses of having a new baby even if that baby is not born yet because when you get an offer and the short sale is approved, the baby would most probably be born. The usual cost of having an infant is $300 per month.

Weigh their total monthly expenses and their total monthly income. At some point, you may not need a calculator to do this. It may be very clear that their expenses exceed their income. Say a family of four nets a monthly income of $4000 a month, and their mortgage payment is $3000, then it is safe to conclude that they have a financial hardship. If their expenses reaches $8000 yet they only earn $7000, then that is an obvious financial hardship. In these cases, the homeowner would most likely qualify for the short sale.

A short sale is easier to get approved if there is a high difference in income and expenses. With this, you can tell its chances to get approved and how it will be approved. There are lenders who will remove their right to deficiency should the homeowner settle with a cash contribution or agree to take a part of the deficiency through promissory note which is offered at zero percent interest with low payments.

The lesser the difference in the deficiency, the less likely the lender will require the deficiency to be paid. But homeowners do not have control over their deficiencies most of the time. Florida is a deficiency state by statue. Lenders are given 5 years to exercise their right to the deficiency. However, I am increasingly able to get the lender waive their right to a deficiency.

Other Articles to Read:

Bank of America’s Cooperative Short Sale Program

Short Selling and Renting from the New Owner – Gainesville Short Sales

Gainesville – Distressed Sales Still Depress Home Prices

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