Tag Archive

Tag Archives for " short sale banks "

Gainesville Short Sale Agent and Attorney Communication

Gainesville Short Sale Agent and Attorney Communication
Short Sales sometimes carry a bad stigma when it comes to the amount of time it takes to work through the short sale process. Though short sale lenders are improving their process timelines there is still much to be said about taking 4 – 6 months to work a file and keep both the buyer and seller on pins and needles.

It is important to have an attorney as part of your short sale to assist in answering any legal questions that may arise. If legal counsel is sought I would recommend doing so in the very beginning. You will also want to ensure the attorney you speak with not only handles (processes) short sales but also has plenty of experience. There are many attorneys out there that are great and those that have not navigated short sales, do not understand how to work with the banks and look out for their bottom line. Please make sure to do your homework on the attorney you hire and find out how experienced they are.

If and when you decide to bring an attorney on board it is imperative that you communicate with your short sale agent. Lack of communication and not having both your attorney and short sale agent on the same page can be detrimental to your short sale. You very well may experience delays, file holds, and refusal from the bank to work with your short sale agent.

Even if you provided your Gainesville Real Estate Agent authorization to work with the lender, bringing an attorney in after the file is established can prevent your agent from moving the file forward. The attorney must provide authorization as well for the short sale bank to continue to communicate with your agent.

I had a client who took advice from a friend and hired an attorney midstream of the short sale. I was not informed up front prior to the attorney contacting the lender and the file went on hold. The attorney was hired for short sale approval letter advice only but it prohibited me from having any communication with the negotiator until I was able to get a written and signed letter on letterhead from the attorney stating I was authorized on the account. Unfortunately, the attorney right after being hired was to be out for 4 weeks on medical leave and the file was unable to move forward.

The negotiator needed information from a representative of the file and I was unable to help since I needed the attorney authorization and the he was no where to be found. Since he was his sole office, no partners, I was unable to have another attorney provide it on his behalf. I had the seller contact the lender directly and write a letter stating they no longer were working with the attorney and wanted to file to continue. The negotiator demanded a letter from the attorney stating so. The seller finally retained another attorney to write the letter and provide the representation in order to prevent the file from being closed and from losing the buyer.

We had a successful closing but not without some unneeded delays and additional work on behalf of many parties involved.

Other Articles to Read:

Why Don’t I Just Let the Bank Foreclose?

3 mistakes to avoid when short selling your Gainesville home

Gainesville Short Sale Cost

My Gainesville Home Need Repairs, Can I still Short Sale?

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

  

4

Will Florida Speed up the Foreclosure Process?

Will Florida Speed up the Foreclosure Process – The Florida Senate introduced a controversial bill that would speed up the Florida foreclosure process and help jumpstart the economy.

Many feel this could leave some homeowners unjustly out in the cold. This could greatly affect Gainesville Florida short sale homes.

The Senate Judiciary Committee approved SB 1890 By a 5-0 vote, which combines the contents of two Florida House proposals, HB 213 and HB 1149. These are supported by short sale banks, Florida home builders and other foreclosure lenders.

The SB 1890 is targeting the 30 percent of foreclosed properties that sit abandoned, reducing neighborhood property values and raising public safety concerns.

Many question how this will affect the short sale approval and deficiency judgement after foreclosure.

With the reduction in time it takes to get abandoned properties unencumbered and available, supporters believe, the Florida’s housing industry and the economy will bounce back more quickly.

The bill currently requires three property visits to determine if its abandoned. This poses a serious problem, many homeowners must vacate their Gainesville home for sale due to relocation. They have an inability to maintain the home or they have a need for family support so they move out. However, their home is listed as a Gainesville short sale.

This does not necessarily mean the home is abandoned, but it could be vacant.

The proposed bill adversely affect homeowners still trying to stay in homes purchased during the Florida real estate boom of easy credit, interest only mortgages and escalating home prices.

The positive attributes of the bill would reduce the length of time a lender can go after a borrower following a foreclosure sale to a maximum of one year from the current five years. It also requires a short sale lender to prove that it owns the mortgage note.

Other provisions, however, are friendlier to lenders, including eased restrictions on foreclosing an abandoned property and limiting legal damages in a foreclosure case to monetary damages. That change, they say, limits homeowners rights even if the bank used fraud or shady practices to retake the property.

Some Senators feel the process to foreclose should take a long time because of the it a unique situation for every homeowner and some are trying to save their home if they lost their job and finally gained employment again.

For the first time since the real estate crash crippled Florida’s economy and struggling Gainesville homeowners, a bill to hasten foreclosures through the courts is headed to the full House and Senate.

The plan aims to reduce the amount of time a bank can pursue a homeowner for unpaid mortgage debt, while speeding foreclosures on abandoned homes and in cases where homeowners have no legitimate defenses. One problem remains! Our court systems are backed up.

Bill opponents fear borrowers will get caught up in a quickie foreclosure wheel without time to question bank documents, and argue that not only are portions of the plan unconstitutional, but that the overall proposal is unnecessary. Another reason for the bottleneck in the court systems are due to foreclosure attorneys delaying the foreclosure process.

A measure that would work in homeowner’s favors is the reduction from five years to one year that banks would have to file for a deficiency judgment against a homeowner. A deficiency judgment is the difference in the amount owed on the mortgage when the home is sold.

The proposal would allow any lien holder to hasten a foreclosure case if a property is abandoned or the homeowner does not respond with a within 20 days of being served.

The number of foreclosure filings on Florida properties dropped 62.5 percent in 2011 compared to 2010 according to RealtyTrac, however, there are an estimated 368,000 backlogged foreclosure cases in Florida courts.

If the bill becomes law it would become effective July 1, 2012 and could be applied retroactively to current foreclosure cases.

Other Articles to Read:

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

More homeless? Where will the mortgage settlement fund go?

Short Sale Top 10 Questions

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

  

5

Gainesville – Short Sale Banks are Offering Incentives

Gainesville – Short Sale Banks are Offering Incentives Many short sale lenders are offering incentives to homeowners to decrease the amount of foreclosures.

JPMorgan Chase went national with short-sale incentive and deed in lieu offers last year, paying up to $35,000 in some cases. Unfortunately, when a Gainesville homeowner receives a letter in the mail they have a timeline for the borrower to respond. As with some of my clients they call the number provided in the letter and the short sale representative on the other end is not familiar with the terms in the letter.

Bank of America started testing incentives from $5,000 to $25,000 in Florida to see if they should be expanded to more states. This was a trial run in November and December with very strict criteria.

Wells Fargo’s incentive program offers range from less than $3,000 to $20,000.

Short sales, even with incentive payments to borrowers, can save lenders money compared with the expenses involved in completing foreclosures. In cities and states such as Gainesville Florida, a judicial state, where foreclosures go through the court, 50% of the loans in foreclosure are more than two years past due.

Banks are more willing to do short sales now than in the past, however short sale lenders will not say how often or when they will offer incentives. You will see short sale incentives more often in states where foreclosures take more time.

HAFA foreclosure prevention program also offers short sale incentives, at least $3,000 for sellers, but far more short sales are being done outside the government program.

Other Articles to Read:

Will Florida Speed up the Foreclosure Process?

Gainesville Short Sales Hiring Incompetent Short Sale Agent

Gainesville Florida Foreclosure Fraud Up – Avoid Scams

Gainesville FHA Home Buyers – FHA Fee Hike

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

  

1

Options To Prevent Gainesville Foreclosure when Unemployed

Options To Prevent Gainesville Foreclosure when Unemployed

Unemployed and Facing Foreclosure

There have been rules by FHA obligating lenders to extend their fortitude to homeowners who are unemployed for the span of 12 months. These rules took effect in July 2011 and are geared toward giving assistance to unemployed homeowners for them to make it through the economic depression.

The original fortitude timeline was limited to four months but the timeline for most homeowners had been extended to 12 months after the prolonged state of unemployment. More than 45% of the unemployed have been hunting work for more than 24 months.

Short Sale Agents in Gainesville believe that homeowners will be given more chances to find employment during this time of economic depression if the timeline for the fortitude will be extended.

In order to prevent foreclosure, a time of review at the end of the 12 months has been implemented to assist the homeowners.

Short Sale Agents in Gainesville Florida are encouraging those FHA borrowers who are having difficulties on their mortgages during extended unemployment status to call their lenders rightaway – now that a special fortitude option is being offered. An FHA borrower will be qualified in getting more assistance than would be available once a loan default process is enforced when they take the time to notify the lender about the unemployment status.

Other Articles to Read:

Know Your Options

Loan Modification Failures Are Rising

Mortgage Relief For Unemployed

Refinancing Balloon Mortgages

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.