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Rent To Buy Schemes | What You Need To Know

Rent To Buy Schemes | What You Need To Know

This is a real estate scheme that purports distressed homeowners into their property under a rent-to-buy plan. The scammers will ask the homeowner to sign over the deed of the home to a company or individual who has a good credit standing so that the homeowner could secure a new loan and eventually save the home from foreclosure. The homeowner is then offered to stay in the house and rent it out, further guaranteeing that the homeowner could buy it back after a year when finances are stabilized.

The short sale scammers don’t actually intend to let the homeowners stay.
Plans have already been designed to evict the homeowner through the following:

1. The new borrower will not pay the mortgage so that the short sale homeowner is forced to leave.
2. Create a tight contract on rent payment terms so that when the homeowner violates, the short sale scammer files for eviction.
3. Keep increasing the rent so that the homeowner couldn’t keep up.

Another version of this scheme is when the perpetrator would ask the homeowner to sign over the deed of the property and move out within a promise that they will look for a buyer and sell the home. The scammer then promises the homeowner to give a part of the profit once the house is sold. But when the homeowner moves out, the scammer will only rent it out to someone else and then disappear with the money. What makes this scheme unforgivable is that the homeowner loses the home but is still obligated to make mortgage payments.

Scam Alert: Never sign your deed over to anyone offering these types of resolution for foreclosure. If you happen to encounter unsolicited recommendations and offers, please refer to your realtor immediately or contact the Federal Trade Commission at 1-877-ftc-help or visit their website at www.ftc.gov

Rescue Loan Deception
This is another type of scam wherein you are asked to sign documents for a new loan or make your existing debt current. It appears like you are refinancing your home, when in fact, you have signed a forged document that surrenders your home title to a scammer in return for a rescue Loan.

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 Short Sale Update – Banks Are Calling Homeowners To Solicit Short Sales

On December 12, the Bank of America’s cash-back incentive, which enticed delinquent borrowers to do a short sale over a long foreclosure, has closed out. Gainesville short sale real estate agents had contrasting reviews and homeowners had indifferent feedback.

Relocation expenses worth between $5,000 and $20,000 have been offered to homeowners who qualified for the Florida-only program and in lieu of the average two-year foreclosure process, these homeowners consented to leave their homes.

Surprisingly, only around 3,000 homeowners out of the 20,000 solicited by the bank had shown interest in the plan by early December. Short Sale Banks, unlike the prior year, are now proposing great incentives and deals to homeowners.

A Gainesville short sale happens when a lender allows a lower payment for a home than the mortgage amount owed. The bank occasionally agrees to waive the deficiency judgment as well. According to banks, companies such as JPMorgan Chase and Wells Fargo started offering cash incentives to homeowners who consented to do Gainesville short sales.

As per a November RealtyTrac report, foreclosures are taking an average of 749 days up, which is longer as compared to 684 during the prior year. Recently, banks are realizing that doing a short sale is a cheaper approach than allowing foreclosure to take place. Foreclosures will cost much from banks. Florida has been chosen as a testing ground due to its high foreclosure incidence. It might be applied to other states if the program becomes successful.

In order to qualify, homeowners need to submit their Gainesville short sale approval on Dec. 12, which is an extended deadline. The closing must take place before August 31 and the homes must not have offers on them already.

A Gainesville homeowner submitted an application for the incentive program, which seems to be under the HAFA guidelines. His application was rejected because his credit limit was above 31%. The home owner was later given a guarantee for the program but was later on disapproved and this happened after his meeting with some representatives from the Gainesville short sale department. The two representatives have been in disagreement w/ each other. It seems that additional training needs to be provided to Bank of America’s employees.

Other Articles to Read:

What is a Short Sale?

Gainesville Short Sale Myths

Top 10 Questions

What is the Difference between Note or Promissory Note and Mortgage or Deed of Trust?

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 – Should I Stop Paying My HOA?

Gainesville Short Sale – Should I Stop Paying My HOA? If you are a Gainesville homeowner considering a Gainesville Short Sale or already in a Gainesville short sale you will want to ensure you continue to pay your HOA dues. For reference in this blog post we will refer to HOA neighborhood or condo association fees as HOA Fees. Based on our experience and based on all the sellers that we have worked with living in HOA communities, failure to pay your HOA fees may result in a foreclosure and/or lien placed on your Gainesville home.

Even if the short sale bank told you to stop making your mortgage payments,you have stopped out of necessity or it is a strategic decision you; still need to continue to make those HOA payments. Failure of payment can cause the Gainesville short sale to fall apart.

This past year the State of Florida legislature passed very strict HOA rules to benefit the HOA’s. Your HOA payments typically go to taking care of common grounds, amenities, entrance signs, insurance for the roof or building if applicable, lawn care, etc. When these payments are not made it causes the HOAs to have financial distress and they will have to assess the rest of the paying community in order to maintain and keep up with the expenses.

The remaining Gainesville homeowners have been very displeased with having to carry others expenses. They are going to these board meetings and are demanding the HOA board to stop making deals on behalf of those Gainesville homeowners facing foreclosure. They have to pay the full amount plus take care of others and they are screaming it is not fair.

So in the past year it has become extremely hard to negotiate with the HOA Board of Directors or Property Management Companies for this reason alone. Once you become delinquent they the Gainesville HOA will hire an attorney and now the attorney’s fees are tacked on to your back owed dues and they can sue for FORECOSURE.

Now your bank does have first position for your Gainesville foreclosure, however it does not stop the HOA from foreclosing and they do it as “subject to the first”. The first still retains their right to foreclosure, but the HOA does it under the new law and can seek a judgment. Through the judgment your wages may be garnishedand if they recover the unpaid assessments they do not have to waive any claim of the lien against your Gainesville home. They can cut off your access to amenities; they can evict you, rent out your unit if it is vacant or confiscate the rent directly from your tenant and even charge you rent. The money will go to taking care of arrears, attorney’s fees, etc.

This makes selling your Gainesville short sale difficult or impossible and the bank has placed limitations on how much they will pay towards the back owed HOA fees and sometimes will not contribute at all. Sometimes if you have a cash buyer they may be willing to cover those fees. For additional information review >Florida Statutes Chapter 720 Part 1 General Provisions ss 720.3085

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.