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FTC Sent Warning Letters for Mortgage Ads

Some Lenders have received a letter from federal regulators advising them that their mortgage advertisements found on websites, social media networking sites, direct mailers, and written papers like magazines and newspapers may be misleading. Federal Trade Commission(FTC) mentioned that they mailed letters to an almost 2 dozen companies in coordination with the Consumer Financial Protection Bureau (CFPB) which also sent warning letters to other companies.

From extensive sources all over the media, about 800 ads were reviewed and have revealed that could mislead consumers because of its disturbing claims. The ads reviewed have pose violations of the Mortgage Acts and Practices Advertising Rule and the FTC Act.

First, advertisements that proposed a minimal fixed mortgage amount without discussing noteworthy loan terms. Second, advertisements containing statements, photos, logos and abbreviations implying that an advertiser is associated with a government group. Lastly, advertisements promising approval and suggesting low monthly payments lacking discussion regarding conditions on the offers.

CFPB mentioned that some promoters will use your military or veteran status as a reason to approach you and offer special deals or suggesting VA approval, some will lure you to “no payment” mortgage to confuse older Americans that are frantic to find a solution to still live in their houses when they can no longer be able to afford paying the mortgage payments.

The “Mortgage Acts and Practices Advertising Rule” took effect last year of August. It prohibits misrepresentations in advertising marketing and promotions or other profitable areas regarding customer mortgages. It has been tagged as Regulation N because the authority to make rules was transferred from FTC to CFPB.

FTC and CFPB have a portion of authority over non-bank mortgage promoter such as loan lenders, real estate brokers, loan servicers, and advertising institutions. Those who violate the rule may be obligated to pay civil penalties.

Other Articles to Read:

Why it is Important to Understand the Short Sale Process

3 mistakes to avoid when short selling your Gainesville home

Gainesville Short Sale Agents Rent To Buy Scheme

Military homeowners to get short sale assistance

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

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Determining If You Have A Financial Hardship

Determining If You Have A Financial Hardship

The following are crucial questions that determine the presence of a financial hardship:

1. Why do you need to short sale?
2. Did you try to get a loan modification from your lender? If yes, how did it go?
3. Why was your loan modification turned down?
4. Have you tried to work out a deed in lieu?
5. If yes, what was the outcome?
6. If this is your primary residence, how long have you lived there?
7. Do you live in the property at present?
8. What changes did you make since you got the mortgage on this property?
9. What are your financial hardships?
10. Are you current on your mortgage payments?
11. When was your last payment?

The information provided on the short sale documents should be consistent with that of the loan modification documents, unless verifiable circumstances have changed.

The seller’s commitment to go all the way through with the short sale process is very crucial. Make them understand that the less of a hardship they have, the more contributions they will be required in a form of cash, promissory note, or both. Your efforts will serve futile should they refuse to contribute in the end.

Other Articles to Read:

Gainesville Florida Renter Rights During Foreclosure

Choosing the Best Offer for Gainesville Short Sales

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

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

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

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

  

Gainesville Short Sale Qualification Process

There are good attorney in Florida who can delay foreclosures only if you need to complete a part of the short sale process. Gainesville short sale agents do not suggest taking a listing and negotiating a short sale for homeowners who are about to lose their property in the same week as it is listed.

There is no guarantee a short sale could get approved, but following these steps will increase its chances.

A Short sale has to meet certain guidelines imposed by the homeowner’s lenders before it could get approved. A good story will help a lot. Keep in mind that there are exceptions to rules. Gainesville short sale agents have had short sales approved despite not meeting the guidelines.

Make sure that you pass the hardship test or, otherwise, you may have to directly participate financially in the short sale. This is not always the case. But it would be good to prepare them for the worst case scenario and then negotiate for the best outcome.

If you persevere and focus your time and energy to the process, your Gainesville short sale agent can get even the most challenging and troublesome short sales approved. But of course, much of the outcome rests in who owns the note, as each lender has their own regulating policies. Even so, the Gainesville short sale agents have been able to get exceptions to those rules.

It is a long-term and common belief among sellers and agents that whoever the sellers are paying their mortgage payments to owns the note. That is not typically the case. What they don’t know is that these notes are being sold over and over again and they usually do not change the servicers. They need not notify you when your note gets sold. However, you must be notified when your servicer is changed.

The servicer may or may not own the note. Before pricing a house or taking a listing, it is important to find out who the note owner is. Getting this information will help determine how negotiations would be handled and what the note owner would expect in a short sale.

The servicer definitely doesn’t want you to go above their heads to the note owner. The note owners hire servicers to take charge of daily operations of payments and other servicing details. If you are an agent, you may or may not get this information when you call the servicer.

Servicers usually disclose the note owner only to the homeowner. The best thing you could do as a seller is obtain this information through the calling the servicer. Alternatively, you may send a written request to the servicer through a Qualified Written Request (QWR).

At present, Fannie Mae or Freddie Mac owns the majority of notes. They are buying up all the toxic mortgage backed securities. There is a high chance that you have a note owned by Fannie or Freddie.

Other Articles to Read:

Bank of America’s Cooperative Short Sale Program

Banks Are Calling Homeowners To Solicit Short Sales

Options To Prevent Gainesville Foreclosure when Unemployed

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

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

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


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

  

Gainesville Short 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.