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Loan Modifications For Gainesville Short Sale

Loan Modifications For Gainesville Short Sale

Your Gainesville short sale has just been turned down and you are wondering why. Perhaps, you know the reason but it doesn’t seem to make sense.

As a Gainesville short sale agent, I have witnessed homeowners – who settle their trial payments on time – being subjected on trial modifications only to end up rejected.

Here are some scenarios that will point out reasons – perhaps, mere excuses by lenders – why a Gainesville short sale is rejected:

You make your mortgage payment to Bank of America. You apply for a loan modification with the Bank of America since you are behind on your payments and can no longer settle it. Though you are in a foreclosure, the judge has not released an order to auction your home yet and you are still living in your home. You are in total fear seeing your neighbors lose their homes. You start hoping upon learning on the news that the Federal Making Homes Affordable Program is able to aid homeowners keep their homes by getting a loan modification. You keep on hearing about loan programs that seemingly would help you keep your home but to your dismay, nothing would work. Your hope just turns into hopelessness.

Your adjustable rate application has been submitted and your mortgage payment is up from $1600 a month to $2300 per month; therefore, you are no longer able to make your payments.The reality is that you can’t afford these payments anymore. For nearly 2 years, you’ve been awaiting for the Bank of America’s approval on your loan modification and to be certain, you hired an attorney to aid in defense of foreclosure.

Suddenly, the Bank of America rejects your application on loan modification. You become totally confused about the situation and wonder why such thing happened. It seems unlikely since the Bank of America is one of the large lenders. It also participates in the government’s Federal Making Homes Affordable program, the HAFA program, and other programs by the government.

Later you learn from Bank of America that the investor had the final say in turning down your loan modification application. The biggest question is, “How come an investor is able to make such decision?” The reality is, the confusion is all around us. There are people in the real estate business who are not knowledgeable about the process and how it is being handled.

The Bank of America is the servicer and when you make your payments to them, it’s not indicative of their ownership on the note that you are paying on.

The vital thing to do firsthand is to find out who truly owns your note. Inquire from who make your mortgage payments.

The very first thing you need to do before you ask for a loan modification is to find out who actually owns your note. You can do this by calling who you make your mortgage payments to and asking them. It may be necessary for you to make a written request to be forwarded by certified US mail, since a lot of servicers don’t disclose such information.

Many of the servicers don’t want to give you that information so you may have to make this request in writing and send it by certified US mail. You have a bigger chance at getting an approval on your loan modification if you qualify and Freddie Mac or Fannie Mae own your note. Your chances blurs if your note goes to a private group of investors.

A ratio of one for every eight homeowners’ loans were sold to investors on Wall Street. A collection of loans are grouped together – called as mortgage-backed securities – , which are sold off to investors. It will be five times more likely for homeowners to be late on their house payments if they have mortgage-backed securitized loan. A lot of these borrowers were provided with loans that from the beginning, they were not qualified for. Most of these homeowners getting the loans were not able to read the fine print and were not able to assess how high their mortgage payments might go when they are adjusted.

The parameters in qualifying on short sales, modifications, and terms of foreclosures and deficiencies are inconclusive. Homeowners who are told no by the investor have little recourse.

The federal Making Homes Affordable program lenders participating in the program must alter all those homeowners that qualify. The exception is when the investor has a rule that they do not permit alterations. It has been reported to congress by the Federal Housing Finance Agency that such securitized mortgages are a barrier to the success of the Making Homes Affordable program. The reasons why the changes are rejected have not been revealed so there are little to no facts to proceed with.

Investors declining to the homeowner’s application on loan modification doesn’t seem to make any sense.
Bank of America’s defense is that the money is needed by investors also. For instance, there is a situation with Chase wherein the homeowners are applying for a loan modified but Goldman Sachs is the issuer and Deutsche Bank is the trustee. On few occasions during Gainesville short sale negotiations, the investor gives the ball back to the servicer arguing that the latter is responsible for the decision in approving a loan or not.

Investors somehow think that they are being treated as the scapegoats. There are easily blames for everything. It’s difficult to determine the truth because you rarely get a chance to talk to any representative at the investors’ group. Chase bank, for this particular situation, claims that the payment goes up on a loan modification because the investors do not cancel the past due debt. Chase then had to account the past due balance along with other fees and penalties into the loan modification. This will then lead the disqualification for the loam modification of the homeowner.

Servicers do have contracts and agreements that they sign together with investors. Such agreements have the rules for modifications. The agreements are called Pooling and Servicing Agreements, also known as PSA’s. PSA is oftenly what the servicer claims is the reason for them not being able to do the loan modification or release the deficiency on a Gainesville short sale.

When you inquire with other people in the management areas or with investors, they claim that there is nothing in the PSA’s that would hinder the servicer from accepting loan modifications, Gainesville short sales and releases. A new study is about to be released from a law school wherein they discover that only about 8% of these mortgage-backed securities agreements have any language that indicates the servicer is not qualified to do a loan modification for these notes. That indicates about 92% of all the NO’s could be YES’s in reality.

They are fearful about law suits! Chase Bank or Bank of America or any other servicer and Deutsche Bank- it says that SERVICER can “waive, modify or alter any term” given that the servicer gives a “reasonable determination” that the modification is in the investor’s best interest. The Attorneys studying these agreements say there is quite a bit of room for servicers to make these decisions. The language itself in the agreement is suffcient for the servicers legal counsel to be focused with the investor suing them for not acting in the best interest of the investor. They are not allowed to put the homeowner ahead of the investor. This is about business and if they want business from investors they have to make sure they are looking out for the investors’ interest.

The fear of law suits is the biggest deterrent to getting the servicers to approve loan modifications and Gainesville short sales, says the Treasury department. Simply turning down the loan modifications are the answer many servicers opt to choose. Nothing personal and this is not against the homeowner. The role of the servicers is to watch their own backs and to protect the assets to which they have been entrusted with – your mortgage-backed security. The Treasury Department says they can relieve some of the pressure of the fear of lawsuits by standardizing requirements for loan modifications and also laying out some type of calculation to determine if the investor will make more money by the loan modification or by the foreclosure.

Investors end up being normal people because most of these mortgage-backed securities were bought by pension funds and retirement plans of folks like your grandparents, your parents, your aunts and uncles or even yourselves. You may well be one of the shareholders of the very loan you can not pay.

Other Articles to Read:

Where will the mortgage settlement fund go?

More homeless? Where will the mortgage settlement fund go?

Choosing the Best Offer for Gainesville Short Sales

Why do Short Sales Not Close?

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 – Top 10 Questions

Gainesville Short Sales – Top 10 Questions

Click Each Question to find out the answers.

1. What is a Gainesville Short Sale?

2. Gainesville Short Sales – How do I Qualify for a Gainesville Florida Short Sale?

3. Gainesville Short Sales – What is the Gainesville Short Sale Process, What Should I Expect?

4. Gainesville Short Sales – How do I Prepare My Gainseville Short Sale Hardship Letter?

5. Gainesville Short Sales – Do I Have to Pay for the Short Sale Agents Real Estate Commission?

6. Gainesville Short Sales – Why Don’t I Just Foreclose?

7. Gainesville Short Sales – What Happens in a Short Sale if I have More than 1 Mortgage?

8. Gainesville Short Sales – Should I Stop Paying My HOA?

9. How Long Does a Gainesville Short Sale Take?

10. Gainesville Short Sales – What Can a Gainesville Short Sale Agent do for Me?

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

Gainesville Short Sale – What is the Difference between Note or Promissory Note and Mortgage or Deed of Trust? A note (promissory note) is – very simply – a contract whereby a party makes a promise to pay a sum of money to another party under specific terms. In real estate, it is typically a borrower agreeing to make monthly payments of principle and interest over a period of time to a lender.

The note has nothing to do with the property itself, and can technically exist without any collateral at all. If the Gainesville borrower doesn’t pay, the LENDER or short sale bank can sue “under the note and obtain remedies for breaching that contract. A “servicer” aka “debt collector” cannot if they have no equitable interest.

While there are differences between a mortgage and a deed of trust, let’s ignore them for a moment, and use the term mortgage.

A mortgage is actually a transfer of an interest in property. While a mortgage is tied to the underlying debt created by the note, it is not a promise to pay the debt. It really isn’t a “promise” to do anything. Instead, it contains “granting” language – like a deed – which gives the lender the right to take the property if the borrower goes into default and doesn’t pay under the terms of the note signed in blue ink. There are clauses in the loan that allow for this to happen such as the acceleration and due on sale clauses.

Key Differences of Note and Mortgage

A note is singed by the people who agree to pay the debt.
A mortgage is singed by those who own the property being mortgaged. In a typical residential setting, signers of the note and the mortgage are the same, but they do not have to be.
A mortgage needs to be recorded in the county or town recording office, the note does not. Instead, the note goes directly to the lender. This is the “instrument” that secures the “note” to the house.

Other Articles to Read:

Mortgage Relief For Unemployed

Foreclosure News Reports On More Loan Transferring

Short Sale Agents in Gainesville Encourage Homeowners To Take Action

Short Sale Agents in Gainesville – What Gainesville Underwater Homeowners Say

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.

  

Gainesville Short Sales – What Happens in a Short Sale if I Have More Than 1 Mortgage?

Gainesville Short Sales – What happens in a short sale if I have more than 1 mortgage? During the Gainesville Florida Real Estate boom many new buyers bought a home and paid more than it is currently worth and even possibly closed with an unfavorable mortgage such as an interest only or 80/10, 80/20, or 90/10. Many Gainesville FL homeowners who had already owned their home may have taken out a second mortgage or a HELOC (Home Equity Line of Credit).

Gainesville short sellers typically have loans that are 80/10/10, 80/20 or 90/10. In a standard conventional loan the seller will borrow 80% of the purchase price while putting 20% down (80/20). For those who took out a HELOC, they may have used this money to buy another car, remodel their Gainesville home, pay down debt, send their kids to college or used for another purpose other than the purchase of their Gainesville home. Another addition to the monthly payment and party to the short sale is the PMI or private mortgage insurance. This applies if you did not have the 20% to put down when you purchased your Gainesville home.

In a traditional Gainesville short sale the short sale package is submitted to all lenders referencing the loan with that specific bank. In some instances the first and second mortgage are with the same short sale bank. It is important to process both at the same time; some short sale banks take longer than others. The short sale bank that is in second position and the primary must negotiate to an agreement of how much the second mortgage lien holder is to receive in order for the Gainesville short sale to be successful.

If the homeowner has elected to do a Gainesville short sale and qualifies for HAFA the second will only be allowed to receive up to $6000 towards the amount owed. The primary and secondary are both required to waive the deficiency.

In a traditional Gainesville FL short sale the second mortgage becomes an issue when a large amount is owed such as $50,000 or more. They typically do not want to accept a small amount from the first lien holder (first mortgage short sale bank). Some junior lien holders with an interest in the property may object to the amounts other lien holders are receiving. It is possible for any one lien holder to prevent a Gainesville short sale by refusing to agree to negotiate a reduction in their payoff to release their lien.

There are different ways to work out that amount such as a promissory note, cash to close or maybe even the buyer is willing to partake in helping out.

If the Jr. lien holder is a HELOC the lender can pull credit and see what the money was used for. Maybe you took out $75,000 and used it to buy a new vehicle and some to update your homes landscaping. You will have a car without the car payment and the short sale bank will not see it favorably and in most cases will want a promissory note or cash at closing. In essence you just gave yourself a car payment. If you did not have the money to use to purchase the new vehicle you would have car payment and that is how the short sale bank looks at it.

When you stop making those payments on the HELOC or the second mortgage the bank understands they cannot foreclose because they will not get anything in the Gainesville foreclosure sale. Instead what they are doing is letting go of the real estate security since there truly is not any and they are going to sue on the promissory note.

When you take out a loan you are signing a promissory note that you are going to pay the bank back. Then you are saying sorry Mr. bank I do not have any money or anything to offer you as collateral but my house and that becomes your mortgage instrument. So they do not focus on the mortgage since they are in second position and they in turn focus on the promissory note and sue you for and seek a judgment.

Then the Gainesville underwater homeowner will not have another alternative but to pay or file for bankruptcy, if they even qualify for it. This is why a Gainesville short sale may by your best option.

Other Articles to Read:

When can you obtain a mortgage again after Bankruptcy – Short Sale – Foreclosure?

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

Distressed Sales Still Depress Home Prices

Short Selling and Renting from the New Owner

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.

  

6

Why Don’t I Just Let the Bank Foreclose?

If you are a homeowner in distress, foreclosure should be the last option you consider. If you have closed a successful short sale you should receive a 1099 in the mail. Everyone who has sold short their home receives a 1099 for the difference of what they owed on their mortgage and what it sold for. However, if you lived in your home for 2 out of 5 years you may qualify for The Mortgage Forgiveness Debt Relief Act. This will allow for that debt to not be held against you for when you file your taxes.

The Mortgage Forgiveness Debt Relief Act is currently in place through 2012, meaning your Gainesville short sale must close prior to the end of 2012. Visit www.irs.gov or speak to your CPA to find out additional information. The act will allow for the debt to be forgiven and secondly, the bank will also forgive you for that loss and will not seek a deficiency. Florida is a deficiency state which means they can come after you for the loss you still owe them.

In 90% of our Gainesville short sales we have been able to negotiate the waiver of deficiency. This is not a guarantee and it is based on each seller’s own unique circumstances. If you qualify for HAFA, the program will give a release of deficiency as part of the program guidelines. It is easier to have a deficiency waiver if you financially insolvent or if you are unemployed. If you have money, many times the waiver of deficiency is subject to a cash settlement. You may be offered 2 different cash settlements. One will be for a lower amount, for example $5,000 cash to close, while the other may be $10,000 at 0% interest with payments of $55 over the course of 15 years.

These are much better reasons than to do a foreclosure in Gainesville. Take into consideration this scenario:

Let’s say you owe $250,000 on your Gainesville home, you bought it for $278,000 and it is now worth $150,000. A $100,000 difference in what you owe the short sale bank and what the home is worth. A buyer contracts on your home for $150,000 and the short sale bank agrees to the short sale, agrees to waive the deficiency but comes to you and asks for you to come to closing with $5000 or take a unsecured note for $10,000 at 0% interest payable over 15 years at $56 a month.

You say no and the home ends up in foreclosure, is resold after being carried by the bank for a year from the foreclosure date to resale. In the interim the Gainesville home deteriorates slightly from nobody living in it and causes the value to go down by 15% and the sales price is $127,500. The short sale bank incurred taxes of $2800, attorney’s fees of $12,000, Realtor commissions of $7,600, carrying costs of $3300 for utilities for the year and $3500 in miscellaneous expenses. The $100,000 difference in the short sale price to what was owed is now $151,700 that the bank may seek a judgment against you for that amount. This is a big difference between possible out of pocket costs and not to mention how your credit will be affected. Keep in mind if you foreclose and a judgment is sought, your wages may be garnished. Certain criteria must apply for this to happen. Please seek legal advice from an attorney.

Credit should be another consideration. With a Gainesville FL foreclosure it is listed on your credit report as such and you will have to wait 5 to 7 years to purchase another home. With a short sale, the bank will report paid in full as agreed or paid less than agreed and you will have the ability to purchase again with FHA in 2 years after the short sale.

 

Other Articles to Read:

Gainesville Homes For Sale Report On Short Sale Alternative Right Party Contact Program

3 Questions to Ask Before Hiring Gainesville Short Sale Agent

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 352-535-0620 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 Sales – Gainesville Short Sale Myths

Gainesville Short Sales – Gainesville Short Sale Myths Gainesville short sale myths are finally clarified!  It is a frustrating experience for a homeowner who is facing foreclosure and cannot find the correct information necessary to find alternative options to foreclosure, such as a short sale. To clear up some of the confusion we have compiled a list of most common short sale myths. An important thing to keep in mind is that every short sale is different, and each seller has their own unique circumstances. 

Gainesville Short Sale Myth 1- I must stop making payments before the bank will approve a short sale there have been cases where a seller’s short sale was denied because they were current on their payments.  I have only seen this to be true with Freddie Mac and in one Gainesville homeowners specific case where they had only $80 left each month after all bills were paid, because they had a loss of income. However, it is not necessary to stop making payments for the bank to take you seriously and have a successful short sale.

Gainesville Short Sales – Gainesville Short Sale Myths Gainesville Short Sale Myth 2 – I should never accept a payment plan from the bank…they should forgive all my debt.

In some instances if there is still debt and the bank gives you a payment plan and you decline or ignore it the bank may seek a judgment against you for that amount. This is a big difference between possible out of pocket costs, not to mention how your credit will be affected and wages may be garnished.

Gainesville Short Sale Myth 3 – Pricing the home very low will get an offer quickly

Yes, pricing a home very low may get an offer quickly, however at a cost to the seller and buyer. Banks do their homework. You can get a great price on a short sale; however the bank will not give the home away. For the sellers the clock is ticking if they are facing foreclosure and to waste the banks time on an unrealistic offer could cost them the home.

Gainesville Short Sale Myth 4 – The bank will not pay the commission for my Real Estate Agent and or the costs of listing the property and the expense will be passed on to me

A real estate agent’s professional fee is taken out of the banks proceeds at close of escrow. The bank will dictate how much the agent(s) will receive. Most banks will not pay an agent’s commission if they are representing themselves as the buyer. Now I do have an issue with this since technically in Florida the Agent is paid by the Broker and not paid directly from the bank. This means the bank is denying paying the brokerage firm.

Gainesville Short Sale Myth 5 – I cannot short sale with 2 mortgages

When the short sale process started many people could not short sale because they had a second mortgage. After the first wave of foreclosures, lien holders in second position realized that if they did not participate in the short sale they would receive $0. Now instead of foreclosing on a property, they have started to accept pennies on the dollar…which is better than getting nothing.

Gainesville Short Sale Myth 6 – A Short Sale is embarrassing

A Short Sale has become common place in today’s market that the stigma has been reduced. Short Sales can happen to anyone. This is simply a situation where you must sell and do not have the means to make up the difference. You should never feel embarrassed about the situation, it is much better than a foreclosure and you have the ability to buy a home again in 2-3 years depending upon your credit.

Gainesville Short Sale Myth 7 – Any agent can list a short sale

Not any agent can do a short sale. Many agents that do understand how to complete a short sale and may cause harm to the seller. Our agents have established partnerships with attorneys, loss mitigation and title companies to provide the service that is appropriate for you. Not every short sale will be a success and for anyone to tell you otherwise they are mistaken.

Other Articles to Read:

Should I Stop Paying My HOA?

Do I have to pay for the Short Sale Real Estate Agents Commission?

How Long is a Short Sale?

Choosing a Qualified Agent

 

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 – How Long Does A Short Sale Take?

Gainesville Short Sales – How Long Does A Short Sale Take? How long does a Gainesville short sale take?  This is one of the first questions that is asked when a homeowner has been faced with foreclosure and has chosen to do a short sale on their home.

The time frame on a short sale can vary.  There are many variables that will factor into the length of the short sale process. So to offer a fair answer to this question we will need to say  that it depends on the circumstances of the homeowner, lender and the loan itself.

How long does a Gainesville short sale take? When putting your home up for a short sale it is important to understand that with a short sale things are constantly changing from month to month, week to week and even from day to day.

The length of a Gainesville short sale will also depend on the sellers individual circumstances.  Below are a few major factors in determining how long your short sale may take:

  • Who are the servicers on your loan
  • Does your servicer own your note or is there a private investor involved
  • How many loans do you have on the property
  • Is there is a 3rd party involved such as a mortgage insurance company.  In a case like this, the 3rd party will also need to approve the short sale
  • How long it will take to get a good offer on the property
  • What the BPO comes back with and how close to the offer that the price is
  • Finally we will need to hope that the buyer’s agent will stay in the deal long enough for the deal to go through.

A few years back Country Wide was doing short sales, and they took well over 6 months to approve 1 short sale.  When Bank of America took over Country Wide they become the most difficult bank to work with when it came to short sales. There were short sales that took up to over a year to be approved. Since then things have changed with Bank of America, and short sales can be done within 30 to 60 days, and sometimes even quicker than that.

Chase was also another company that used to be difficult to work with when it came to short sales.  Chase merged with other companies, and the already difficult situation become even harder.  Now policies have changed with Chase and they are very interested in approving short sales.

The point here is that one of the determining factors in how long a short sale can take is the lender and the policies that they have regarding short sales.

When answering the question regarding,  how long does a Gainesville short sale take, the best advice to give is that it depends, and to just let the short sale process play out. It is very important to find an agent that is experienced in short sales. You will also want to work with an agent that has experience with different lenders, and knows how to maneuver through the short sale process. Your short sale can take as little as 3 weeks and as long as 6 months sometimes even longer. We are happy to say that short sales do not take as long as they did a few years back.

Please keep in mind that once you decide to do a short sale, this process is time sensitive and every day counts.  And when you need to ask the question “How long does a Gainesville short sale take” we advise you to contact one of our experienced Gainesville short sale agents, and let them help guide you through your short sale process.

 

Other Articles to Read:

Will Florida Speed up the Foreclosure Process?

Where will the mortgage settlement fund go?

Avoid Notice of Default – Refinancing Balloon Mortgages

3 Questions to Ask Before Hiring Gainesville Short Sale Agent

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.