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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

  

Gainesville Short Sale Qualification Process

There are good attorney in Florida who can delay foreclosures only if you need to complete a part of the short sale process. Gainesville short sale agents do not suggest taking a listing and negotiating a short sale for homeowners who are about to lose their property in the same week as it is listed.

There is no guarantee a short sale could get approved, but following these steps will increase its chances.

A Short sale has to meet certain guidelines imposed by the homeowner’s lenders before it could get approved. A good story will help a lot. Keep in mind that there are exceptions to rules. Gainesville short sale agents have had short sales approved despite not meeting the guidelines.

Make sure that you pass the hardship test or, otherwise, you may have to directly participate financially in the short sale. This is not always the case. But it would be good to prepare them for the worst case scenario and then negotiate for the best outcome.

If you persevere and focus your time and energy to the process, your Gainesville short sale agent can get even the most challenging and troublesome short sales approved. But of course, much of the outcome rests in who owns the note, as each lender has their own regulating policies. Even so, the Gainesville short sale agents have been able to get exceptions to those rules.

It is a long-term and common belief among sellers and agents that whoever the sellers are paying their mortgage payments to owns the note. That is not typically the case. What they don’t know is that these notes are being sold over and over again and they usually do not change the servicers. They need not notify you when your note gets sold. However, you must be notified when your servicer is changed.

The servicer may or may not own the note. Before pricing a house or taking a listing, it is important to find out who the note owner is. Getting this information will help determine how negotiations would be handled and what the note owner would expect in a short sale.

The servicer definitely doesn’t want you to go above their heads to the note owner. The note owners hire servicers to take charge of daily operations of payments and other servicing details. If you are an agent, you may or may not get this information when you call the servicer.

Servicers usually disclose the note owner only to the homeowner. The best thing you could do as a seller is obtain this information through the calling the servicer. Alternatively, you may send a written request to the servicer through a Qualified Written Request (QWR).

At present, Fannie Mae or Freddie Mac owns the majority of notes. They are buying up all the toxic mortgage backed securities. There is a high chance that you have a note owned by Fannie or Freddie.

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

  

Gainesville Residents are Not Scared by the Housing Crisis

Gainesville Residents are Not Scared by the Housing Crisis

In a study conducted by Integra Realty Resources, an independent real estate valuation firm, 75% of Americans still aspire to own a home and considers home ownership as one of life’s major goals. This population of home-dreamers is based on a new poll of non-home owners aged 22 to 50.

According to the study, Americans continue to be enthusiastic on home ownership despite the housing crisis that significantly dropped housing prices in many markets.

Gainesville Florida has seen a decrease in inventory due to high demand while home prices are still slightly decreasing. The decrease in pricing is attributed to Gainesville Short Sales and Foreclosures. However, there are still issues with quality sound buyers obtaining financing.

The research study further revealed that non-homeowners under 30 years old are even more positive about home ownership than those above 30, to which, 47% of respondents under 30 strongly believes owning a home is still important compared to those above age 30 at 41%.

Despite the increased appetite of Gainesville Florida home ownership, many Americans feel they are left on the sidelines as they are unable to obtain any of the record-low mortgage rates or even those of record-high housing affordability. Moreover, the younger generations expressed their struggle to come up with the finances needed to buy a home in the face of increased job instability.

31% of all respondents say they can’t buy a home due to lack of down payment while 24% are holding off for fear of bad investment and 21% say they are not buying any soon considering the uncertainties of the economy.

It is unfortunate for the parents of the younger generation. Many have purchased properties for their college bound students to avoid paying high rents and get a return on their investment to only be stuck with the underwater properties today. This is where an experienced Gainesville Short Sale Agent can assist the parents even though this property is considered an investment home.

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

  

1

Gainesville – Principal Loan Reduction

Gainesville – Principal Loan Reduction

Last Thursday, eleven Democratic Attorney generals sent a letter to the Federal Housing Finance Agency (FHFA) requesting for an abrupt implementation of principal loan reduction by GSE- related mortgages.

The letter was addressed to the agency’s acting director, Edward DeMarco. It argues that principal forgiveness could not shake the financial stability of Fannie Mae and Freddie Mac, and it could even save as much as $1.7 billion.

DeMarco announced last week that it is possible that FHFA would come up with the mortgage principal forgiveness plan come this April. FHFA is currently in the process of making evaluations for added incentives from the Treasury Department so as to write-down the loan principal under the Home Affordable Modification Program – HAMP.

However, after the preliminary analysis have been released last Tuesday, mortgage policy analyst has have contradicting expectations on principal loan reduction by Fannie Mae and Freddie Mac.

The letter further stated that the incentive payments to investors in return for allowing forgiveness under the Home Affordable Modification Program – HAMP have been increased and because of this, concerns on the potential impact on the financial stability of GSEs should lessen. It added that principal forgiveness programs will greatly help borrowers, communities, and the creditor’s revenue.

The Attorney Generals highlighted that in the past five years, more than five million people lost their homes due to foreclosure. They also emphasized that Fannie and Freddie Mac, having owned the majority of the nation’s home loans, should lead the move on loan modifications so as to uplift the general housing economy and not serve as hindrance.

It was the Attorney Generals of California, Delaware, Illinois, Iowa, Maryland, Minnesota, New Mexico, New York, Oregon and Vermont who have signed the above-mentioned letter.

This is the second letter sent to DeMarco within the past two months. The letter added more facts to the first letter sent and is now supported by 10 more attorneys general, proving a growing consensus around this issue.

We remember that last February, the attorney general of Massachusetts, Martha Coakley, urged the FHFA to allow for principal loan reduction to increase loan modifications and help strengthen the housing economy.

This could help Gainesville Homeowners facing foreclosure work out options to stay in their home. We will need to watch the outcome closely!

Other Articles to Read:

What is a Short Sale?

Short Sale Process – What to Expect

Short Sale Top 10 Questions

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

  

3

More homeless? Where will the mortgage settlement fund go?

More homeless? Where will the mortgage settlement fund go?Gov. Jay Nixon will cut a considerable amount of budget for public colleges and universities. His announcement was made in times when the nation’s top mortgage companies have not yet been settled.

He is just one of the politicians who would divert funds to other purposes but foreclosure. With multimillion-dollar budget gaps, $25 million deal is sure to be tempting to state governments.

Affected homeowners of the mortgage crisis would still get some share, but as announced by attorneys general in 49 states, approximately $2.7 billion has been allotted for state governments, adding that they may use it as they wish.

Some have promised to use it to help struggling homeowners or create new initiatives to provide assistance to children left homeless by the cruel foreclosures. Still, there are states that plan to tap some of the dollars to support their budgets. When this happens, many opposed to this decision will surely raise their voices.

This issue brings to mind what had happened to the 1988 tobacco settlement wherein the states spent billions in different projects, not one related to restricting smoking.
The money intended to help consumers alleviate their mortgage troubles should be properly and justly earmarked and not be put on any other purpose.

Putting a one time payout on immediate expenses will only exhaust the money, leaving the next year ahead at risk. There are several states that practice this but reasons that the most immediate problems should be dealt with high priority.

All these dilemmas came in when the attorney general bestowed authority on state governments to spend the big amount of money however they feel necessary. But there have been a lot of suggestions coming in as to where the money should be spent.

With multimillion dollar budget deficit, the great $25 billion deal is pretty much alluring the state governments who pretty much needed the fund. We will see in the coming weeks and months if this cash will more like benefit the homeless or their budget.

Remembering again what had happened in the 1998 tobacco settlement wherein the money was spent on unfruitful sectors and not one went to campaign to quit smoking, the diversion of money is extremely discouraged.

The verdict in settlement decision will come from the federal judge in Washington sometime in February just when the lawmakers will be planning the budget for the next fiscal year.

The Republican legislative leaders commended the Democratic governors’ decision to use the money to reduce the budget deficit. Nevertheless, Nixon’s approach has relieved students from possible tuition fee hike.

Marie Cocco of Tobacco-Free kids stressed the failure 1988 Tobacco settlement, and emphasizes that it should be a lesson to learn from.

As the money is insufficient to meet the demands of economy, some consumer advocates pledged to be watchful in the disbursement of money.

Other Articles to Read:

Gainesville FHA Home Buyers – FHA Fee Hike

Gainesville Florida Foreclosure Fraud Up – Avoid Scams

Fast Gainesville Short Sale Approvals on Fannie Mae Loans

Short Selling and Renting from the New Owner – 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

  

2

When Can you Own a Home Again After Foreclosure?

When Can you Own a Home Again After Foreclosure? Filing for bankruptcy protection and foreclosure are two of the most damaging blows on your credit standing, disqualifying you for a home loan over the next few years.

You will not be able to file for a new home loan if you have sold your previous home as a short sale home. Short sale homes are those homes sold below the price of the balance debts on the mortgage.

In the past six years, more than 4 million homes have been foreclosed due to the real estate downfall associated with the economic recession. Last year, Florida has had 485,286 foreclosure filings, placing them at the 2nd highest foreclosure rating. But this rating is 6% lower than the previous year as filings have plunged 54% from a year earlier to the lowest since July of 2007.

Some of the owners who had foreclosed houses are now beginning to plan to get a new home through a new loan. But some had wise short sales—buying a new home before short selling current home.

In this case, the interest rate may be higher, but 4% a little more is no big deal.

How likely will your bank approve your loan application if you have a real estate- related bad record? Is there something you can do to save yourself from mortgage penalty?

There are a lot of factors to be considered, but it depends largely on whether you have had a foreclosure or a short sale home.

In most cases, borrowers who have foreclosure history will have to wait for 2- 7 years before their application will even be accepted by the lender.

This waiting period is according to the guidelines imposed by most banks so they could sell their home loans. This is because, potential buyers like Fannie Mae and Freddie Mac have a different set of guidelines for the loans they will purchase and certain criteria must be achieved before they qualify a borrower.

A person’s credit score, employment history and other factors that account for one’s credit worth will take a back seat to these resale rules.

If a buyer who had a past foreclosure seeks a government-backed mortgage, the waiting period can vary before they will be qualified.

With Federal Housing Administration, homeowners must wait for 3 years from the date of foreclosure before they can qualify for backing by such agency. The Department of Agriculture also requires the same waiting years.

While with Veteran’s Affairs, they require 2 years. Fannie Mae and Freddie Mac, which guarantees 50% of the mortgage requires 7 years from the date of foreclosure.

However, Fannie Mae allows 3 years of waiting time in the event the foreclosure was due to extenuating circumstances. This means any event that is beyond the borrower’s control that has resulted in reduction of income or sudden increase in financial obligations such as unemployment, medical bills, and spousal separation.

FHA may grant exemption to the waiting time in cases such as illness or death of the wage earner. A divorce may also qualify from this exception but only in case to cases basis.

The impediment for having a short sale marked in your credit history can be less severe but in some cases, may also be severe.

Those borrowers who are not paying their mortgage when they sold their house will have to wait for 3 years before they can apply for a home loan to the FHA. But that time penalty may be reduced or waived in cases like long-term unemployment.Those borrowers who are not paying their mortgage when they sold their house will have to wait for 3 years before they can apply for a home loan to the FHA. But that time penalty may be reduced or waived in cases like long-term unemployment.

Borrowers who paid in the 12 months prior to their short sale will have no FHA penalty time.

Another thing, the amount of down payment can also shorten the waiting period. Fannie Mae will reduce the time penalty from 7 years to 2 years to those borrowers who made at least 20% down payment of the total loan. Those who made 10% can qualify only after 4 years.

Not only will foreclosure and short sale affect the waiting period on new home loan, it will also affect the credit score and availability of other loans. And these two will remain in your credit history for up to seven years.

FICO credit scores usually range from 300 to 850, a foreclosure has a score of 720 and can go down to as low as 570 and will take about seven years to bounce back fully, and that’s assuming other else are stabilized.

Moreover, there are still things you can do to help regain your credit score in the face of negative credit rating. Here are five:

1. Pay your bills on time. To show a record of good credit accounts.
2. Get more credit. While this may sound contradicting, getting more credit perhaps a car, and paying it good will help boost your credit standing.
3. Be patient. Poor credit score will decline over time.
4. Complain without arguing. Dispute any error on your credit report.
5. Save. Cut back your expenses and save some cash for a future downpayment.

Other Articles to Read:

What is a Short Sale?

Gainesville – Distressed Sales Still Depress Home Prices

Fast Gainesville Short Sale Approvals on Fannie Mae Loans

Will the Mortgage Debt Relief Act Get Extended – Gainesville

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

  

2

Are Homes More Affordable in Gainesville

Are Homes More Affordable in Gainesville?

Nationwide housing affordability, as measured by the National Association of Home Builders and Wells Fargo Housing Opportunity Index, rose to a record level during the fourth quarter of 2011. However, prospective Gainesville homebuyers continued to have trouble qualifying for a mortgage thanks to tighter credit standards and a soft economy.

Gainesville short sales and foreclosures contribute to the decrease in pricing and lower median home value.

“While today’s report indicates that homeownership is within reach of more households than it has been for more than two decades, overly restrictive lending conditions confronting homebuyers and builders remain significant obstacles to many potential homes sales, even with interest rates at historically low levels”, said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Florida.

Also ranking at the top of the most affordable major housing markets, in descending order were Lakeland and Winter Haven, Florida; Modesto, California; Harrisburg and Carlisle, Pennsylvania and Toledo, Ohio.

Gainesville, Florida Inferred Affordable Mortgage Value is determined by taking the median household income for Gainesville, Florida and calculating the mortgage 30% of that income could afford. Here are the Gainesville Affordable Mortgage Values over the past year.

Date Inferred Mortgage

Date Inferred Mortgage
November 2011 — — $211,150
October 2011 — — $209,124
September 2011 — — $208,122
August 2011 — — $204,183
July 2011 — — $197,553
June 2011 — — $198,480
May 2011 — — $195,490
April 2011 — — $191,022
March 2011 — — $191,022
February 2011 — — $188,629
January 2011 — — $192,790

Other Articles to Read:

Gainesville – Distressed Sales Still Depress Home Prices

Short Sale Process – What to Expect

Choosing the Best Offer for Gainesville Short Sales

Avoid Notice of Default – Refinancing Balloon Mortgages

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

Gainesville – Bank of America Cooperative Short Sale Program

Gainesville – Bank of America Cooperative Short Sale Program – The bank of America’s new Cooperative Short Sale Program is designed to increase its bottom line profit and through this, homeowners/borrowers will benefit as well, since it makes the short sale process less difficult to handle. This is good news both for Gainesville short sale agents and home sellers and buyers.

The bank makes more money with short sales than foreclosures. The Bank of America would gain control of the whole short sale undertaking once it has the authority to pick the short sale list price and through the Cooperative Short Sale, it will be able to approve the short sale earlier.

The Cooperative Short Sale would also help patch certain setbacks that the bank had faced such as:

– A bad reputation for delayed processing of short sales;
– Incorrect short sale pricing by short sale agents (Gainesville short sale agents) due to the uncertainty of how to handle short sales; and
– Buyers were giving lowball offers due to the period it takes in buying a short sale.

So, what specific benefits can homeowners get from the Bank of America’s Cooperative Short Sale program?

First and foremost, sellers will receive a moving allowance worth $2,500. The Bank of America will no longer demand for the deficiency payment and it will be the one to set the listing price of the home – reevaluation of the price happens every 2 weeks until the buyer comes. And lastly, the bank will not foreclose on your home.

This Cooperative Short Sale Program by the Bank of America will help thousands of Gainesville FL homeowners and Gainesville short sale agents.

Other Articles to Read:

What is a Short Sale?

Short Sale Process – What to Expect

Short Sale Top 10 Questions

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

  

Short Sale Agents in Gainesville Encourage Homeowners To Take Action

Short Sale Agents in Gainesville Encourage Homeowners To Take Action – Are you a homeowner who has or had a financed or refinanced mortgage with OneWest, GMAC, JPMorgan, Washington Mutual, Chase, IndyMac, Citi, Wachovia, Wells Fargo, Bank of America, Litton, Saxon, or Ocwen? Or are you a homeowner who had transferred to another servicing agent within 2001-2009? If you are, then you may be qualified to apply for a settlement with the above-mentioned lenders.

Short Sale Agents in Gainesville believe that these lenders have intentionally falsified property value with inflated appraisals, shredded documents, and financed no income- no job- no assets loans, and allotted billions of dollars for settlements; although they do not acknowledge to be accountable. In the years 2001-2009, the creditors/lenders have generated billions in profit from homeowners and they have already foreseen this day. Short sale agents in Gainesville have discovered that many homeowners will be eligible for a settlement.

A lot of homeowners are experiencing foreclosure or have been dispossessed with large equity. To know your options and establish settlement intentions, Short Sale Agents in Gainesville encourage you to seek the guidance of an attorney specializing in mass joinders. Please check the following links:

Government Sues Banks for Selling Bad Mortgages
60 Minutes: Title companies forged title documents
‘In Progress’ Mortgage Litigation cases across the USA
Bank of America Settling Claims Stemming From Mortgage Crisis

A pre-trial demand/QWR is a means for these types of legal firms to make claim settlements.
They look for cash settlement, rate reduction, and a sizable principal reduction. These firms specializing in mass joinders opt for settlement instead of pleading the case in front of a jury, which is beneficial to homeowners.

So, do not procrastinate. It’s time for you to take action!

Other Articles to Read:

Gainesville Florida Lease Deposits During Foreclosure

Gainesville Florida Renter Rights During Foreclosure

Choosing the Best Offer for Gainesville Short Sales

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 Sales – What is HAFA?

Gainesville Short Sales – What is HAFA? HAFA Program…an alternative option to foreclosure. Foreclosure is a very difficult experience for a homeowner to endure. If you are a homeowner facing foreclosure we understand that exploring all alternative options is very important. We are fortunate that there are alternatives out there when facing foreclosure.

A short sale on your home is normally the best alternative for foreclosure for most homeowners. If you are in the process of doing a short sale or deed in lieu on your home, and have been turned down for a loan modification, there is a program out there offered by the government called the HAFA Program.

HAFA stands for “Home Affordable Foreclosure Alternatives”. The Treasury Department introduced the HAFA Program in 2009, as an option for homeowners that were not able to keep their home through the existing HAMP Program, which stands for “Home Affordable Modification Program”. The HAFA Program took effect on April 5th 2010 and will continue through December 31, 2012.

The HAFA Program was designed to compliment the already existing HAMP Program or “Home Affordable Modification Program”. This program was set up to provide an alternative option for current homeowners who are HAMP eligible however, still for whatever circumstance is not able to keep their home. HAFA uses the homeowners financial and hardship information that was already collected when the borrower applied for a loan modification.

HAFA allows the homeowner to receive pre-approved short sale terms before listing their home and allows the homeowner to be released from liability down the road on their first mortgage note.

HAFA Program provides the borrower (homeowner) financial incentives, if they qualify for this program. A few of the incentives include a relocation assistance package of $3,000, administrative and processing costs of $1,500 to the servicers handling the short sale and up to $2,000 for investors who give a total of up to $6,000 in short sale proceeds. These proceeds are to be given to subordinate lien holders.

The HAFA program has requirements for all servicers that participate in the HAMP Program. HAMP program participants will need to implement HAFA in accordance with their own written policy. This will also need to be consistent with the investors guidelines. In short policies and guidelines may vary per financial institution.Each financial institution is given the opportunity to make their own interpretation of the HAFA guideline book.

HAFA Program guidelines have changed twice since January and there is always a possibility for more change. We cannot stress the importance in making sure that you do your homework, and choose an experienced and knowledgeable licenced real estate agent. This is important because not just any agent will be able to maneuver you through the process of a successful short sale, and other foreclosure options.

When dealing with government programs there is a lot of red tape to get through, and time lines to meet. To find out more about the HAFA Program and other alternatives to foreclosure contact our office with any and all questions that you may have. Our agents are experience and knowledgeable in short sales and programs like HAFA.

Other Articles to Read:

Loan Modifications For Gainesville Short Sale

Banks Are Calling Homeowners To Solicit Short Sales

What Gainesville Underwater Homeowners Say

Short Sale Agents in Gainesville Encourage Homeowners To Take Action

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.