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Tips For Short Sale Approval | Gainesville

Tips to assure approval of your property from lenders Having your property listed by one of the top Gainesville short sale agent will double the chances of having your short sale approve by the lenders. For homeowners, it is important to remind you that some lenders are carrying out new laws in short sale process. For example, Chase, one of the leading lenders in the country, has created a law wherein homeowners who have a deficit that is greater than $250,000 will compel the listing agent to provide the following:
(1) A record of the drop of prices on the property
(2) Showing Appointment Sheet
(3) They might request a record of advertisements made and where you placed them, such as online advertisement sites, i.e. Craigslist.
(4) A report that illustrates on why such changes were made in marketing the value of the property, like, what is the cause of the fall of prices?

A presentable house will have greater chances to be sold. As homeowners, it is also important to keep the house attractive as possible. Short sale homes that are neat and orderly have greater chances to be sold, or would get amazing proposal.

Take lots of quality pictures of the property being short sale. Mentioning the adage “pictures speak a thousand words”, homes being short sale that have numerous quality photos have greater chances for buyers to be interested on that property.

Show off the property’s finest features. For short sale agents, when you are marketing online it is important to highlight the nice attributes that the property have. If the home has a fantastic living room, make sure to include a couple of photos of the living room done in different angles. If a specific feature cannot accurately be represented using pictures, describe it in details in the property description.

Occupy the listing’s MLS with the right words and information. Make sure all information is correct. Fill your MLS as many photos as it allows. Compose descriptions that will have buyers interested and be able to experience what it is like to live in the home listing being short sale.

These are just some of the tips to assure approval from your lender and be blessed with buyers who’ll likely to grab great offers.

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

Determining if you have a Financial Hardship

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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When Can you Own a Home Again After Foreclosure?

When Can you Own a Home Again After Foreclosure? Filing for bankruptcy protection and foreclosure are two of the most damaging blows on your credit standing, disqualifying you for a home loan over the next few years.

You will not be able to file for a new home loan if you have sold your previous home as a short sale home. Short sale homes are those homes sold below the price of the balance debts on the mortgage.

In the past six years, more than 4 million homes have been foreclosed due to the real estate downfall associated with the economic recession. Last year, Florida has had 485,286 foreclosure filings, placing them at the 2nd highest foreclosure rating. But this rating is 6% lower than the previous year as filings have plunged 54% from a year earlier to the lowest since July of 2007.

Some of the owners who had foreclosed houses are now beginning to plan to get a new home through a new loan. But some had wise short sales—buying a new home before short selling current home.

In this case, the interest rate may be higher, but 4% a little more is no big deal.

How likely will your bank approve your loan application if you have a real estate- related bad record? Is there something you can do to save yourself from mortgage penalty?

There are a lot of factors to be considered, but it depends largely on whether you have had a foreclosure or a short sale home.

In most cases, borrowers who have foreclosure history will have to wait for 2- 7 years before their application will even be accepted by the lender.

This waiting period is according to the guidelines imposed by most banks so they could sell their home loans. This is because, potential buyers like Fannie Mae and Freddie Mac have a different set of guidelines for the loans they will purchase and certain criteria must be achieved before they qualify a borrower.

A person’s credit score, employment history and other factors that account for one’s credit worth will take a back seat to these resale rules.

If a buyer who had a past foreclosure seeks a government-backed mortgage, the waiting period can vary before they will be qualified.

With Federal Housing Administration, homeowners must wait for 3 years from the date of foreclosure before they can qualify for backing by such agency. The Department of Agriculture also requires the same waiting years.

While with Veteran’s Affairs, they require 2 years. Fannie Mae and Freddie Mac, which guarantees 50% of the mortgage requires 7 years from the date of foreclosure.

However, Fannie Mae allows 3 years of waiting time in the event the foreclosure was due to extenuating circumstances. This means any event that is beyond the borrower’s control that has resulted in reduction of income or sudden increase in financial obligations such as unemployment, medical bills, and spousal separation.

FHA may grant exemption to the waiting time in cases such as illness or death of the wage earner. A divorce may also qualify from this exception but only in case to cases basis.

The impediment for having a short sale marked in your credit history can be less severe but in some cases, may also be severe.

Those borrowers who are not paying their mortgage when they sold their house will have to wait for 3 years before they can apply for a home loan to the FHA. But that time penalty may be reduced or waived in cases like long-term unemployment.Those borrowers who are not paying their mortgage when they sold their house will have to wait for 3 years before they can apply for a home loan to the FHA. But that time penalty may be reduced or waived in cases like long-term unemployment.

Borrowers who paid in the 12 months prior to their short sale will have no FHA penalty time.

Another thing, the amount of down payment can also shorten the waiting period. Fannie Mae will reduce the time penalty from 7 years to 2 years to those borrowers who made at least 20% down payment of the total loan. Those who made 10% can qualify only after 4 years.

Not only will foreclosure and short sale affect the waiting period on new home loan, it will also affect the credit score and availability of other loans. And these two will remain in your credit history for up to seven years.

FICO credit scores usually range from 300 to 850, a foreclosure has a score of 720 and can go down to as low as 570 and will take about seven years to bounce back fully, and that’s assuming other else are stabilized.

Moreover, there are still things you can do to help regain your credit score in the face of negative credit rating. Here are five:

1. Pay your bills on time. To show a record of good credit accounts.
2. Get more credit. While this may sound contradicting, getting more credit perhaps a car, and paying it good will help boost your credit standing.
3. Be patient. Poor credit score will decline over time.
4. Complain without arguing. Dispute any error on your credit report.
5. Save. Cut back your expenses and save some cash for a future downpayment.

Other Articles to Read:

What is a Short Sale?

Gainesville – Distressed Sales Still Depress Home Prices

Fast Gainesville Short Sale Approvals on Fannie Mae Loans

Will the Mortgage Debt Relief Act Get Extended – Gainesville

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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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

  

Short Sale Agents in Gainesville Encourage Homeowners To Take Action

Short Sale Agents in Gainesville Encourage Homeowners To Take Action – Are you a homeowner who has or had a financed or refinanced mortgage with OneWest, GMAC, JPMorgan, Washington Mutual, Chase, IndyMac, Citi, Wachovia, Wells Fargo, Bank of America, Litton, Saxon, or Ocwen? Or are you a homeowner who had transferred to another servicing agent within 2001-2009? If you are, then you may be qualified to apply for a settlement with the above-mentioned lenders.

Short Sale Agents in Gainesville believe that these lenders have intentionally falsified property value with inflated appraisals, shredded documents, and financed no income- no job- no assets loans, and allotted billions of dollars for settlements; although they do not acknowledge to be accountable. In the years 2001-2009, the creditors/lenders have generated billions in profit from homeowners and they have already foreseen this day. Short sale agents in Gainesville have discovered that many homeowners will be eligible for a settlement.

A lot of homeowners are experiencing foreclosure or have been dispossessed with large equity. To know your options and establish settlement intentions, Short Sale Agents in Gainesville encourage you to seek the guidance of an attorney specializing in mass joinders. Please check the following links:

Government Sues Banks for Selling Bad Mortgages
60 Minutes: Title companies forged title documents
‘In Progress’ Mortgage Litigation cases across the USA
Bank of America Settling Claims Stemming From Mortgage Crisis

A pre-trial demand/QWR is a means for these types of legal firms to make claim settlements.
They look for cash settlement, rate reduction, and a sizable principal reduction. These firms specializing in mass joinders opt for settlement instead of pleading the case in front of a jury, which is beneficial to homeowners.

So, do not procrastinate. It’s time for you to take action!

Other Articles to Read:

Gainesville Florida Lease Deposits During Foreclosure

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.