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Gainesville Short Sales – Freddie Mac Relief Save Your Home

Gainesville Short Sale – Freddie Mac LP Relief Program Can Save Your Home

If you are a homeowner in distress with your Freddie Mac loan – you currently have an upside down mortgage or currently have an adjustable rate mortgage where payments continue to increase, then the Freddie Mac LP Relief Program is just what the Dr. ordered.

Gainesville short sale agents reveals the insider information on the new Freddie Mac Relief Refinance Mortgage, it is the Home Affordable Refinance Program (HAFA). It offers aid from simplified appraisal requirements, standard mortgage insurance, and no maximum loan to value ratios.

For borrowers who make on-time payments yet are unable to refinance because of declining Gainesville property values, the Freddie Mac LP Relief Program may save your day by helping you to refinance into a better mortgage so you will be eligible for long term successful home ownership.

Gainesville homes for sale showcases this new program and its new extensions:

Eligibility requirements for mortgage:
You must be a first lien, owned by Freddie Mac.
Your Freddie Mac closing must be on or before May 31, 2009.
You must be seasoned for a span of three months.
The mortgage being refinanced is eligible for refinancing if it has mortgage insurance.
The mortgage being refinanced is ineligible for refinancing if the mortgage has recourse, indemnification or other credit enhancements.

Benefit for borrower (must result in one of the given benefits)
You will receive a reduction in interest rate.
You will receive a replacement of an ARM.
You will receive a reduction in the amortization term of the first lien mortgage.
You will receive a reduction in the monthly principle and interest payment of the first lien.

No maximum LTV (Loan to Value) ratio for fixed-rate mortgages
For ARMs, the maximum LTV ratio is 105 percent.
For mortgages with LTV ratios lower than or equal to 80 percent, the maximum TLTV or (HTLTV High Loan to Value) ratio is 105 percent.
For mortgages with LTV ratios higher than 80 percent, no maximum TLTV and HTLTV ratios will exist.

Other Articles to Read:

Gainesville Florida Lease Deposits During Foreclosure

Gainesville Florida Renter Rights During Foreclosure

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

  

Gainesville Short Sales – Know Your Options

Gainesville Short Sales – Know Your Options To save your home from being foreclosed, Short Sale Agents in Gainesville provide you with options. Review these options to know if they apply to your situation.

1. You may apply for the federal HARP program to know if you are eligible and to your lender’s preferred loan modification program. To know if there are any state programs available to you, go to this federal site. Also, you may apply to the Home Save program under the NACA.

2. You may try getting a second job. This will help greatly in saving your home although it is not often practiced since most people can’t even find a first job in this market. But for some who can, you should grab the opportunity.

3. You should cancel/pay off your credit card debt. Your credit card debt could be a big factor why you couldn’t afford your home. It’s time for you to consider getting heads on with your credit card debt. You may contact your creditors to make a settlement on your debt. You may also offer a lump sum payment, perhaps 50% lower than your balance. Although this will have tax and credit history consequences but it could be one of your best options in saving your home from being foreclosed.

4. You may start a small home business.

5. You may consider renting a room. Try advertising in Craigslist or Trulia for long term rental periods. Check on higher rental rates you can get by renting out your room to individuals who only need short term leases. This is a good option to raise funds quickly.

6. You may short-sell your home. On an average in Gainesville Florida, it takes 684 days for banks to foreclose on and repossess a home. You may have a chance to wait for a loan modification and do a short sale and be eligible for the Mortgage Debt Relief Act that is an income tax exemption which will expire on Dec. 31, 2012. In order to short sale you will first need to list your home for sale with an expert Short Sale Agent in Gainesville.

7. You should work with professionals such as expert real estate agents in Gainesville, Real Estate attorneys, CPA firms or expert certified public accountants if you are trying to apply for a short sale or loan modification. These professionals will provide options available to you.

The downturn in the housing market is now being perceived as the norm and many homeowners are getting pessimistic about their mortgages. Short Sale Agents in Gainesville encourage you not to give up. Your options in avoiding foreclosure are not limited.

Other Articles to Read:

What is a Short Sale?

Short Selling and Renting from the New Owner

Gainesville – Short Sale Banks are Offering Incentives

Are Gainesville Homes for Sale More Affordable?

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 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 – What is a HOA Foreclosure?

Gainesville Short Sales – What is a HOA Foreclosure? HOA foreclosures in Gainesville Florida and state wide have become a huge problem for homeowners that are delinquent on their HOA fees. HOA stands for “ Homeowners Association”. HOA foreclosures have been a growing problem for some time now. Most people do not know that their HOA is even legally capable of doing such a thing, however with these foreclosures on the rise many homeowners are finding out the hard way that this is a reality.

Just about half of the states allow “non judicial foreclosures” meaning that HOA’s are legally able to foreclose on homes due to homeowners becoming delinquent on their fees. Even in the states that require approval for an HOA foreclosures, the HOA normally wins. Florida is a “Judicial” state. With how the law currently sits, no matter how small the delinquent amount is an HOA has the grounds to proceed with a foreclosure, especially if the homeowner has uncured interest and fines.

HOA foreclosure in Gainesville process normally goes something like this: a homeowner becomes delinquent on their dues, the HOA attorney places a lien on the property, then runs an ad in the local paper announcing the homes legal status and once that is done the home is auctioned off. The homeowner has no right to a hearing and no right to confront their HOA board!

HOA’s have been around for a very long time, since the 1920’s. The primary role of an HOA is to enforce standards in a community and make sure its community members are following the regulations and the rules of the community. HOA’s responsibilities range anywhere from basic maintenance functions to extensive upkeep of the property.

Some HOA’s in Florida are so desperate and financially strapped for money that the actions they are taking seem to go to extreme lengths to collect the past due fees. One of the most extreme actions at their disposal is filing a foreclosure on a homeowner that is delinquent on the HOA fees.

Unfortunately Florida law does not impose any minimum dollar amount owed before an HOA can start a HOA foreclosure in Gainesville proceedings on a homeowner that has become delinquent in fees. Late fees, interest, and attorney fees are added to the amount owed to the HOA, and the total amount that is owed to the HOA can end up being thousands and thousands of dollars.

I cannot stress this enough that when you are facing foreclosure on your home
, you will need to find all of the information available to you. You will need to do your homework and seek professional legal help to get the advice necessary to make a sound decision on what you are going to do and all of the options that are available to you.

Once you have made a decision to pursue an alternative option to foreclosure and would like more information regarding these matters we advise you to choose someone that has extensive experience and knowledge in the foreclosure and short sale process. Laws and procedures are always changing, you will want to find someone that has the most current information available. The success of your short sale option will depend on this. For more information on the foreclosure process, foreclosure alternatives, short sales, HAFA and the HOA foreclosure in Gainesville process please call our office to speak with one of our experienced agents.

Other Articles to Read:

Real Estate Agents In Gainesville: Understanding FICO Scores

Gainesville Short Sales Update: If You Have A Short Sale Or Foreclosure, You May Owe Federal Income Taxes In 2013

Banks Are Calling Homeowners To Solicit 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.