Tag Archive

Tag Archives for " bankruptcy "

Fraudulent Short Sales and Passing the Hardship Test


Fraudulent Short Sales and Passing the Hardship Test

Important Tip: Ensure you have not made any misrepresentations on your mortgage application for your original note, home equity line or second notes. If your income is misrepresented in any way, it may be considered a mortgage fraud. If your hardship letter is not legitimate, please seek counsel from an attorney.

Agents should not list fraudulent short sales as it will put them and their seller at risk. Lenders will eventually require homeowners to submit proof of financial insufficiency, tax returns and wage information.

Fraudulent short sales are rare, but should you be involved unknowingly, make sure to execute a hold harmless agreement. Obtain a draft agreement from your attorney and have the homeowner sign.

Passing the hardship test is the very first part of the qualification process. Evaluate the seller over the phone to determine if the short sale will be viable. Should the homeowner fail the hardship test, the homeowner should agree to take a part of the deficiency or sign a promissory note. But this now depends on the lender.

The Gainesville short sale agents has had strategic short sales approved where cash contributions was not required. But you will not know that first hand, so the seller should agree to help right from the beginning. It’s great if they don’t have to contribute, but what happens when you find out at the end that they are not willing to apportion? It will be a great trouble then.

If unfortunately they don’t qualify and have to leave their home, then there will only be three options available to them: a deed in lieu, foreclosure or a bankruptcy. Ascertain that the seller is not in the middle of a loan modification process while filing a short sale this is because most lenders will not allow these two to be processed at the same time. If the seller’s loan modification has been denied, then you can use some of that document to process for the short sale.

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

  

1

Gainesville Short Sales Agents Refinancing Bankruptcy Trick

Gainesville Short Sales Agents Refinancing Bankruptcy Trick
The scammer assures you that they can negotiate with your lender to help you refinance your home. The scammer then asks for an upfront fee and disappears with the your money and files a bankruptcy in your behalf without your knowledge.

Yes, filing bankruptcy will temporarily stop the foreclosure, but this is just the beginning of a nightmare. Since you are not aware of it, you are also not aware of ongoing court hearings, and your absence on these hearings will compel the judge to start the foreclosure proceedings. This scenario further creates many other unfavorable circumstances.

Scam Alert: Do not entertain companies or individuals who:

1. Guarantee to save your home from foreclosure even under any circumstance. There is no such powerful company/ individual that can make such wonders.

2. Makes you pay your mortgage dues directly to them and not on your lender. This is ridiculous, you must be able to detect it’s a scam at the moment this is brought up.

3. Shows intent to buy your home for a fixed price that is not in accordance with the present housing market. These kinds of negotiations always have a malicious plan behind. To think, who would buy a property that cost more than the present market value? And are you willing to sell your house for less than its worth?

4. Makes you urgently sign documents that you do not understand. This is one of their tactics so you wouldn’t have to review the pages. Under no circumstance should you affix your signature on any document that you have not examined. And much more if you have to sign via coercion.

5. Advises you to stop contacting your short sale lender and short sale attorney.
At some point during the deal, you may be misled by this proposition. If the settlement offered is legal, then there is no reason you should stop communicating with your lender and attorney. And remember, there is no such means of saving your home through illegal means or under the table agreements.

6. Collects an upfront fee (except attorneys). Charging upfront fees is against the state law of Florida. All fees must only be paid and accepted upon work completion. Common sense will tell you that you have no assurance the work would be done when you pay upfront fees.

7. Requires you to transfer your title to them. Please refer to the Rent to Buy Scheme.

8. Proposes to rent your home from them and then buy it back later. Discussed in Rent to Buy Scheme.

9. Accepts only cash or cashier’s checks for payments. Scammers designed it this way since it is difficult to track down transactions made through cash or cashier’s check since there are no appropriate money transmittal records.

There are strict guidelines regulating the purchase of scammed houses during the short sale process. A penalty of $15,000 is imposed to every infarction. This law refers to the foreclosure fraud CS/HB 643.

Please refer to your state’s law on this issue as laws vary from state to state.

Gainesville Real Estate Agents need to be very careful before they do business with any short sale mitigation company. It would be safe to verify their background and references and check their closing ratios. There are actually no licensing requirements for a short sale negotiator in most states. It would serve you best if you transact with a Gainesville short sale specialist who have assistants that help you do the paperwork and allows you to step into the negotiation process so that everything is transparent.

Other Articles to Read:

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

  

4

Fast Gainesville Short Sale Approvals on Fannie Mae Loans

Fast Gainesville Short Sale Approvals on Fannie Mae Loans Gainesville short sales are no longer easier said than done. Normally, before a Gainesville short sale on a home with a guaranteed loan can proceed, the approval of the mortgage insurance groups is a prerequisite. But now, Fannie Mae mortgage servicers have the means to expedite a short sale approval on Fannie Mae-backed loans as they have been given the power by five mortgage insurers to complete a short sale or deed in lieu of foreclosure without a separate approval from them.

The five mortgage insurers granting Fannie Mae the power to expedite short sales without their approval are the following: MGIC, Genworth, Republic Mortgage Insurance Co., Radian Guaranty, and the PMI Group, which filed for bankruptcy in November.

Fannie Mae entered into such agreement with these insurers as part of their endeavor to make the short sale process fast and increase completions of short sales.

Gainesville short sales significantly increased during the crisis. More and more homeowners on the brink of having their homes being foreclosed on are looking into short sales as an alternative. This significant change in the process of short sale approval will indeed benefit a lot of homeowners applying for a short sale.

Other Articles to Read:

Is the Nation ready to lose Fannie Mae and Freddie Mac?

Short Sale Process – What to Expect

Short Sale Top 10 Questions

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

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