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Preparing for a Gainesville Short Sale

Most of the sellers I have had contact with are good people who fell upon hard times and many of them are embarrassed about the down spiral of their credit. It is unfortunate that many of them have to borrow money or exhaust their savings just to pay their mortgage dues, in hopes to postpone the inevitable and most undesirable circumstance. There are also people who couldn’t care more and just walks away. These are the people who will least likely be qualified for short sales. They just leave the keys and run after they have milked the system for all they can.

IMPORTANT TIP: Lenders cannot force homeowners to liquidate their 401Ks or certain retirement accounts but they can turn down a short sale should they see that the assets are too much in their retirement accounts. While the homeowner’s retirement savings might be safe, if their lender insist on having them pay a deficiency on the sale of their home through short sale, their lender has the legal right to pursue them.

Should you decide to proceed with the short sale, then have following questions ready for your Gainesville Short Sale Agent:
– How much have you paid for your house?
– Have you escrowed your taxes and insurance?
– Is this your primary residence?
– Have you lived in this house for at least two years out of five years?
– Have you ever been relocated for work?
– When was the last time you made payments for your mortgage?
– Are you current on your HOA?
– How many loans does this property have?
– Did you get the loans when you bought the house?
– Did you take out an 80/20 loan, 80/10/10 loan? (those are usually HELOCs on the 20/s and the 10/s)
– Have you refinanced the house since you bought it? When was that?
– Did you take out a home equity line of credit (HELOC) after you bought the house?
– What did you do with the loaned money from the equity line?
– What improvements have you made on the home?
– Have you taken before and after photos of repairs made from HELOC loan?
– What is the present condition of your house?
– Was your house tested for Chinese Dry Wall?
– Who do you pay to for each loan?
– Does your lender have mortgage insurance on the house?
– Have your lender sent any notices or letters?
– Have you ever been served with summons and complaints?
– Do you happen to know the owner of your note?
– How many of your family members live in the house?
– Are there grown children or unemployed relatives living in your household?
– Do you have a parents or grandparents living with you?
– How long have you been unemployed? (if unemployed)
– Do you have medical bills? How long have you been in the medical condition?
– What is the complete address of the house you need to short sale?
– Have you tried selling your house?
– If your house have been listed, how long was it listed and for how much?
– Do you have personal retirement accounts? If yes, How many?
– Do you still have any other money available anywhere?
– Do you have any other properties?
– If this is not your primary residence, is this rented out?
– Do you have a statement of profit and loss for this rental?
– Were you able to file last year’s tax return?

Other Articles to Read:

More homeless? Where will the mortgage settlement fund go?

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

Gainesville Short Sale Qualification Process

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

  

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

Is the Nation ready to lose Fannie Mae and Freddie Mac? Mortgage giants Fannie Mae and Freddie Mac fears total phase out as a federal housing regulator plans to scale them back, the same way as Obama’s administration pressures the taxpayer-backed companies to extend more support and assistance to homeowners.

The Federal Housing Finance Agency, which manages Fannie and Freddie has been planning to shut down the companies by increasing fees charged to borrowers who terminates mortgages. If the cost of receiving a taxpayer-backed mortgage rises, more borrowers will seek private lenders. In this case, loans are not backed by the government.

Obama’s administration intends to increase the government’s role and control in housing; this is in conflict with measures taken by Fannie and Freddie.

The administration has already released a white paper commanding for a gradual phase down of Fannie and Freddie a year ago, after its risky home loans cost taxpayers more than an astonishing $130 billion.

This is contrary to the White House’s request to Fannie and Freddie before, to take measures to help homeowners so as to raise home values, circulate cash in the economy and to generally help borrowers avoid losing their homes.

Government officials have asked both companies to reduce the debts owed by homeowners and to offer refinancing at lower interest rates. But these measures entail the companies to take new risks with the taxpayer money, this in turn will make the housing market more dependent on the government.

The FHFA, which regulates the firms in a legal arrangement known as conservatorship, has declined taking means that would burden Fannie and Freddie with more taxpayer losses.

Though wind-down is at hand for these two firms, Fannie and Freddie continues to receive requests to do more. This is now a challenge for FHFA as a conservator.

Fannie and Freddie are essential driving force in the $10 trillion housing finance market. They operate through a banking system which connects investors around the globe with Americans looking to buy homes. They have more than enough cash reserves available to fund mortgages, thus, allowing buyers to get affordable homes.

These companies, along with the Federal Housing Administration, have ruled over the housing market in the past four years. During that time, banks stopped lending due to the economic fall down.

The private market has not yet recuperated from the loss together with the rest of the economy. The risk to the taxpayers concerns the policymakers as the government takes its role in the large footprint in the mortgage market. Obama’s administration continues to make plans on restoring the housing financing, and will publish more of its details when available.

However, Rep. Scotty Garrett believes that the housing sector will continue to be a hindrance to the economy’s recovery until the current housing finance system is changed to a purely private market solution. He points out that the marketplace could suffer if Fannie and Freddie gets wind down.

But many disagreed. Top administration advisers and other economists stressed that the government must still play a significant role in the housing system.

The FHFA is now coming up with a new mortgage system and they also came up with an idea of pooling loans into bundles and selling them to investors. Moreover, they are studying what Fannie and Freddie can do to help decrease the foreclosure crisis of the nation while not increasing the taxpayer losses. This includes facilitating short sales and deeds-in-lieu.

Other Articles to Read:

Where will the mortgage settlement fund go?

Gainesville – Distressed Sales Still Depress Home Prices

Fast Gainesville Short Sale Approvals on Fannie Mae Loans

Gainesville – Short Sale Banks are Offering Incentives

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

  

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Bank of America’s Cooperative Short Sale Program

Bank of America’s new Cooperative Short Sale Program will benefit

Gainesville short sales with its fast processing for approval letters.

The bank ventured into this new program to earn more profit and help Gainesville FL homeowners to avoid foreclosure on their homes by allowing them to have all possible options. With this Cooperative Short Sale Program, you no longer have to wait 60 days for a representative to be assigned to your Gainesville short sale.

A Cooperative Short Sale starts with a hardship letter sent by the homeowner to the bank. It contains the reasons you are facing a hardship. It tells your story and must be factual. The bank will most likely offer a loan modification that can be a pre-requisite in gaining a Cooperative short sale approval.

Once the loan modification is no longer feasible, the Cooperative Short Sale comes into the picture. The bank will then give a listing price. Unlike the conventional 3-6 month period for Gainesville short sales, buyers’ offer may be given an answer just within a week.

A reevaluation of the Gainesville short sale home happens every 21 days so prices may be lowered until an offer comes.

The Cooperative Short Sale program is a great opportunity for Gainesville Fl homeowners.

Other Articles to Read:

Short Sale Agents in Gainesville – What Gainesville Underwater Homeowners Say

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

Options To Prevent Gainesville Foreclosure when Unemployed

Short Sale Agents in Gainesville Encourage Homeowners To Take Action

Call Stephanie Anson today at 352-535-0620 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

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

Short Sale Agents in Gainesville Florida Update – Please let your clients know that if you have a short sale/foreclosure succeeding this year, you may owe income taxes in 2013.

Homeowners have until Dec. 31, 2012 to undergo a short sale or foreclosure without suffering tax consequences – only when the debt has been released by the lender. The rules will change on January 1, 2011. Federal income taxes will be imposed on the amount that the lender forgives in a foreclosure or short sale. Example, if a home has been sold at an amount which is short of the amount owed on the mortgage by $50,000; the homeowners will be charged federal income taxes on the $50,000. The homeowners under the 25 percent bracket would owe $12,500 and those under 15 percent tax section would owe $7,500.

It is necessary for the bank to officially sign off the loan in writing before Dec 31 or else, homeowners would be on the curve even when the home is sold. This law took effect five years ago when the housing market nationwide crashed.

According to the Internal Revenue Service, one of the provisions of Mortgage Debt Relief Act of 2007 is to allow taxpayers to exclude income from the discharge of debt on their principal residence. Qualifying for the relief are debts reduced through mortgage restructuring and mortgage debt forgiven in connection with a foreclosure. According also to IRS, debt that will be forgiven this year would reach up to $2 million – $1 million if married and filing separately.

Short Sale Agents in Gainesville Florida consider it a relief that homeowners declaring bankruptcy could be exempted from paying income taxes on any cancellation of debt income if the debt is forgiven in the bankruptcy even if the debtor is solvent. Homeowners may not be required to pay income taxes on any debt income cancellation if their debts go beyond the value of their properties.

Lenders have been exerting efforts to speed up the short sale process. But there are instances that short sales are disrupted. An instance would be when there is a disagreement with the terms and another is when the would-be buyer chicken out off the deal.

I am not an attorney and the statements above are not legal counsel.  Please seek advice from your Attorney or CPA regarding taxes and the implications of your short sale.

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.

  

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 – Why do Short Sales Not Close?

Gainesville Short Sales – Why do Short Sales Not Close?  How many times have you heard about that bank short sales do not close? When I speak with clients who are interested in getting a great deal through buying short sales, they are consistent in saying that short sales either do not close or take over a year to short sale.  I also hear this from Gainesville Real Estate Attorneys who refuse to handle short sales. Additionally, there are agents that act as if they understand short sales and make demands about timelines and statements without understanding how the timelines work and short sale process actually works.

What is the main reason you are not closing your Gainesville short sales?  Do you truly understand how to short sale?

  • If your ratio of closing short sales is not over 90% then you should not be listing short sales and you should refer them to a Gainesville Short Sale Agent that achieves this success rate or better.
  • Are you completing an evaluation with each seller prior to listing their home for a bank short sale.  This critical first step will provide you the information whether the home will close or not.

The last thing anyone should do is sacrifice a homeowner by getting a listing without taking into consideration you are gambling with their home and livlihood.  Not every homeowner will qualify for a short sale or are willing to dedicate themselves to the process.

Here are a few steps each Gainesville Short Sale Agent needs to verify and clarify prior to taking a listing:

  • Review the short sale package the seller turns into you – this should be completed prior to listing their property for a short sale and it will reveal whether there will be any issues that need to be addressed before listing the home.
  • Make sure the seller understandts the short sale process – You will know upfront if they are motivated to provide you the information necessary for you to help them through the process and if they are committed to participate, if you complete the intake properly there should be no reason for the short sale not to close.
  • Do not give up on the lender, do not give up on your seller (remember this is a very emotional process), do not act like a debt collector. This means you need to be the advocate, the one that brings the parties together for a successful close, the short sale agent that is dilligent, consistent, honest and assertive.
IF the seller is going to get foreclosed on next week- you don’t LIST the short sale! 
The odds are in your favor if you know how to negotiate a short sale that you will get your short sales closed. 

If you do not then you need to take a good negotiating course and short sale course such as the one offered by Katerina Gassett who has authored Short Sale Success. Do not take the listing if you lack the experience.  Additionally, you can work with an experienced agent and help them with their bank short sale listings. Yes they are time consuming and can be tough.  There may be days you speak to over 10 people at one short sale bank to get the right answer or to speak with someone who knows what they are doing!

Other Articles to Read:

What Gainesville Underwater Homeowners Say

Gainesville Short Sales – Know Your Options

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 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.

  

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.