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How Can I Avoid Foreclosure? | Gainesville Short Sale

There are a handful of Gainesville Short Sale Agents out there to make you understand about Short Sale. Often, the question that might come into your mind is “Am I making the right choice?.” If you are a homeowner currently in a tough state and confronting issues including foreclosure, or your loan modification have been refused, or you already tried seeking help in your trusted bank but your end did not meet, and with all these, you felt that there is no other options left.

Well, the world definitely did not end last December 21 and it is not yet the end for you, but with the Short Sale alternative, it’s a good option aside from foreclosure and can be the end to your problems.

What is a Short Sale? A short sale is   selling your home in an amount lower than the mortgage that you owed in the bank. For instance:  you are indebted to the bank $150,000 on your house, then you offered your house to the bank for only $75,000. The bank will forgive the other $75,000 that you are indebted with them.

Now, why would the bank do that? On the part of the bank, putting up on short salewill keep them from legal expenses that would run from $10,000 to $35,000 or more if they will foreclose it. Take note that the bank does not want to purchase a house; their business is not on buying and selling homes but acting as a mediator.

How to qualify for a short sale? In most states, there are different laws surrounding real estate. It is necessary that you consult a Gainesville short sale agent as she can provide you all the information that you need to qualify for a short sale and will help you on the process.

To legally list a short sale, one should have a real estate license. That’s why it is crucial to choose an agent that has the skills and experience to sell a home sale home. That your short sale agent has worked with different lenders, since each lender has different rules and regulations toward short sale.

The Gainesville short sale agent that you choose will ultimately influence the short sale process. Our team has the best short sale agents in the county, and if you have further questions, contact our office 352-535-0620. 

Other Articles to Read:

Gainesville Short Sales Hiring Incompetent Short Sale Agent

Short Sale Top 10 Questions

 

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.

  

Is your Gainesville Short Sale Lender Delegated?

Is your Gainesville Short Sale Lender Delegated? You may be surprised to find out what “delegate” means in short sales.

To come straight to the point, the word “delegate” in short sale literally means what it is, to entrust to another.

You may be making payments directly to Bank of America, Wells Fargo, or Nationstar, but that doesn’t mean that they are your lenders. In this case, they are referred to as “servicers”. This is because, even though these lenders have lent you the money, they may have subsequently sold your loan to an investor which legally transfers their authority over the loan to the new owner—the Investor.

Your lender is now stripped of the power to approve the short sale.

What happens is that these servicers have been assigned by the investors to receive the mortgage payments, which is why you are still making payments directly to them. They are paid to do so.

You may have wondered why this happened without your knowledge. It is because when your note gets sold, they do not need to notify you. It is only when your servicer is changed that you must be notified.

The investors hire the servicers to keep them from being involved with the day to day operations of payments and other servicing details. The investor could be Fannie Mae, Freddie Mac, Pension funds, Insurance companies, and etc. Although majority of the notes are presently owned by Fannie Mae or Freddie Mac. Ask your Gainesville Short Sale Agent to lookup your loan for Freddie Mac or Fannie Mae

By delegating, these investors assign authority to the servicers to approve short sale on their behalf. However, this is grounded by certain parameters that vary for each investor.

A simple example: An investor authorizes the Servicer to approve a Gainesville Short Sale given that the loss they incur is less than 35% of the loan value. The borrower becomes 30 days delinquent on payments, they live in the property and with their debt plus mortgage payment they are 31% of gross income. Should the short sale fit within these parameters, then the Servicer can issue the approval without asking the investor.

When you are requesting a Short Sale request, it is almost always made to the Servicer. And if the Servicer is delegated, they are able to approve the Short Sale without going to the Investor which saves a lot of time. The time saved is significant— as it easily cuts the Short Sale time for approval in HALF.

Other Articles to Read:

What is a Short Sale?

Short Sale Process – What to Expect

Short Sale Top 10 Questions

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

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


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