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Get a mortgage after Short Sale | Foreclosure

Get a mortgage after Short Sale | Foreclosure

I had a Bankruptcy on my FHA loan, when can I loan again?
3 years from the discharge date.

I had a Bankruptcy on my Conventional loan, when can I loan again?
4 years from discharge date.

I had a Bankruptcy on my USDA loan, when can I loan again?
3 years from discharge date.

I had a Foreclosure on my FHA loan, when can I loan again?
For most, 3 years from the date on Certificate of Title. If it is more than 3 years but less than 7 years, LTV could be limited to 90%.

I had a Foreclosure on my Conventional loan, when can I loan again?
7 years from the date on Certificate of Title.

I had a Foreclosure on my USDA loan, when can I loan again?
3 years from the date on Certificate of Title.

I had a Short Sale on my FHA loan, when can I loan again?
3 years from the date on the Short Sale HUD1. But there is an exception if there were no late mortgage or installment debt payments.

I had a Short Sale on my Conventional loan, when can I loan again?
4 years from the date of the short sale HUD1.

I had a Short Sale on my USDA loan, when can I loan again?
There is no seasoning requirement with GUS “accept/ eligible” findings. For manually underwritten loan, the risk level will be evaluated depending on case-to-case basis.

I have requested for a Mortgage Modification on my Conventional and FHA loan, how long do I have to wait?

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

  

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

What Do I When My Short Sale Appraisal Comes In Low?

Recent survey showed that a third of the real estate agents who had a home sale agreement or two fall out of escrow monthly. The end of these deals comes in when the appraisal is below the agreed purchase price or, when the mortgage is greater than its current value, as in short sale homes.

We know for a fact that mortgage lenders fund only up to but not more than the appraised value of the property.

To close the transaction, the buyer may have to increase the down payment or the seller may have to reduce the price. Any one of these or both should happen to close the deal.

Low appraisals can sure be a deal killer, but it is not the end, there are things you can do yet. Should the appraisal be lower than the sale price in the contract, here are five things you can do.

Report errors to the appraiser. It is a must that you read the entire appraisal report carefully and look for possible errors. The appraiser may have missed a room and miscalculated the home’s square footage. These errors makes wrong “comparables” when the appraiser chooses a property that will serve as a benchmark in your home’s fair market value.

Even if you find errors in the details of the home you are selling or buying, you must still consult with your agent if the comparable properties that were used by the appraiser were reasonable, considering the difference in neighborhood, town, and school district. There may have been a home nearby that is quite similar to the one you’re planning to buy that have been sold recently that could have been a better comparable property than that in the appraisal.

Should you find errors or find that there is a much more comparable recent sale that will make a good justification for a higher property appraisal, then ask your real estate agent to send the correct details and your proposed computation to your mortgage lender. Your mortgage lender will then work with the appraiser and request for revision of report and estimate value. Now, the appraiser may or may not make the changes, but when the error is too obvious, he will do so.

Seek for a second opinion. Most especially in cases of error or bad computations, should the appraiser deny your request for report revision, then escalate your request to the lender. This is where it makes sense that you work with an expert agent and mortgage professional with a solid reputation; if they affirm with you, they may be able to appeal to the underwriter and request for a second appraisal. If the second appraisal supports your argument with the correct property detail and an accurate comparable sale, then the lender, at its sole discretion will more likely go with the second opinion and reject the first one.

Make negotiations. Low appraisals will certainly disappoint everyone involved in the transaction. If the sellers have the equity on hand and their bank agrees (as in short sale homes), it is likely that the price will decrease to the appraised value or somewhere a little above that that the buyer feels affordable and comfortable paying a little cash more. There are buyers who refuse to pay above the appraised value, but for those buyers who just want to settle down and close the deal, they are willing to pay for them as long as they reasonable.

The seller should lower the property price when the differential between the purchase price and appraise value is small, given that the mortgage consideration would allow, but, it is also just appropriate to request the buyer to make up for the small difference knowing that there are many potential buyers in the market. However, should the differential be big, it is least likely that the buyer will shoulder the gap. On the seller’s end, they may also hold the property and wait for the market to be more active and offer better comps.

For a win-win solution for this situation, the buyer will tend to close the gap of $1,000 appraisal gap if the seller agrees to leave some appliances and do a little rectification.

Consider paying the difference or renegotiate to split the difference. If you have long been looking for a home, sacrificing the low rates, tax, and lifestyle benefits of owning your own, and you have finally said “this is it”—in excellent condition, not a short sale, and in a location that perfectly suits you, then might as well consider paying the difference between the purchase price and the low appraisal. This would be wise do to when the gap is small and you have the cash on hand, or when the seller is hardly breaking on the deal or has offered to share the difference with you, or when the short sale bank refuses to go lower.

And for the sellers: if you would really want to close the deal, then reduce the price of the home. Take into consideration that there are states and loan situations wherein the seller has to disclose to other buyers about the low appraisal report on past failed deals, refer to your agent if this is applicable to you. If you don’t agree with the price reduction or difference sharing, understand that you could lose the current deal, this will limit your option to sell at a lower price, and this could force you to do a short sale or put the sell on hold.

Choose a different lender. Mortgage banks are able to select various appraisers than mortgage brokers do. However, there are also experienced local mortgage brokers that work for several companies that have a banking division, and they can process your loan through such division and start with the loan process all over again with attempts on working around the previous low appraisal.

Mortgage brokers don’t have the capacity to choose appraisers, unlike broker-only firms. These firms have a middleman company that pays a cut rate, thus, their appraisers could be those who have less experience. On the other hand, mortgage banks and hybrid appraisers have the power to select a set of experienced third party companies that have access to experienced appraisers.

And to the agents: How have you handled previous successful transactions that had low appraisal? How do you make your buyers and sellers agree with negotiations when the appraisal is low?

Other Articles to Read:

Gainesville – Short Sale Banks are Offering Incentives

Will Florida Speed up the Foreclosure Process?

Short Sale Top 10 Questions

Are Gainesville Homes for Sale More Affordable?

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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Gainesville – Bank of America Cooperative Short Sale Program

Gainesville – Bank of America Cooperative Short Sale Program – The bank of America’s new Cooperative Short Sale Program is designed to increase its bottom line profit and through this, homeowners/borrowers will benefit as well, since it makes the short sale process less difficult to handle. This is good news both for Gainesville short sale agents and home sellers and buyers.

The bank makes more money with short sales than foreclosures. The Bank of America would gain control of the whole short sale undertaking once it has the authority to pick the short sale list price and through the Cooperative Short Sale, it will be able to approve the short sale earlier.

The Cooperative Short Sale would also help patch certain setbacks that the bank had faced such as:

– A bad reputation for delayed processing of short sales;
– Incorrect short sale pricing by short sale agents (Gainesville short sale agents) due to the uncertainty of how to handle short sales; and
– Buyers were giving lowball offers due to the period it takes in buying a short sale.

So, what specific benefits can homeowners get from the Bank of America’s Cooperative Short Sale program?

First and foremost, sellers will receive a moving allowance worth $2,500. The Bank of America will no longer demand for the deficiency payment and it will be the one to set the listing price of the home – reevaluation of the price happens every 2 weeks until the buyer comes. And lastly, the bank will not foreclose on your home.

This Cooperative Short Sale Program by the Bank of America will help thousands of Gainesville FL homeowners and Gainesville short sale agents.

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

  

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.

  

3 Questions To Ask Before Hiring A Short Sale Agent

It is imperative that as a Gainesville homeowner you do your research prior to choosing an agent to work with with considering to short sale your home. Choosing the right agent can make the difference between the success or the failure on your short sale. There is much at risk and you have much to lose if you do not do your due diligence. The short sale can be denied and the home foreclosed resulting in a deficiency that can lead to wage garnishment. It will have a huge impact on your credit and you will not be able to buy another home for over 5 years or more. If you hold a financial position or security clearance you may lose your job and or clearance.

It is just as important that your agent knows how to evaluate the buyer and buyer’s agent to ensure the proper expectations are set. Nothing worse than getting close to the approval letter for the buyer to walk or only be half interested and find this out after spending many hours and time working through the short sale process.

So here are the questions I would ask an agent before hiring any agent.

Question #1: How many short sales have you listed and sold in the past 6 months?
Banks are consistently changing their policies and procedures and you will want an agent that is familiar and experienced in managing these updates.

Question #2: In the past, what lenders have you negotiated short sales with?
There are many small short sale bank lenders, however, your agent should be familiar with the largest banks policies and procedures. Lenders such as Bank of America, Chase, Wells Fargo and Sun Trust are the most prominent with short sales

Question #3: What is your success rate on getting short sales approved? Look at the agent’s track record and ask for specifics about how the transaction was processed, the challenges and how they were able to overcome them. Hard work is shown through diligence and persistence.

Other Articles to Read:

What is a HOA Foreclosure?

What is HAFA?

How Long Does A Short Sale Take?

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 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.

  

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Why Don’t I Just Let the Bank Foreclose?

If you are a homeowner in distress, foreclosure should be the last option you consider. If you have closed a successful short sale you should receive a 1099 in the mail. Everyone who has sold short their home receives a 1099 for the difference of what they owed on their mortgage and what it sold for. However, if you lived in your home for 2 out of 5 years you may qualify for The Mortgage Forgiveness Debt Relief Act. This will allow for that debt to not be held against you for when you file your taxes.

The Mortgage Forgiveness Debt Relief Act is currently in place through 2012, meaning your Gainesville short sale must close prior to the end of 2012. Visit www.irs.gov or speak to your CPA to find out additional information. The act will allow for the debt to be forgiven and secondly, the bank will also forgive you for that loss and will not seek a deficiency. Florida is a deficiency state which means they can come after you for the loss you still owe them.

In 90% of our Gainesville short sales we have been able to negotiate the waiver of deficiency. This is not a guarantee and it is based on each seller’s own unique circumstances. If you qualify for HAFA, the program will give a release of deficiency as part of the program guidelines. It is easier to have a deficiency waiver if you financially insolvent or if you are unemployed. If you have money, many times the waiver of deficiency is subject to a cash settlement. You may be offered 2 different cash settlements. One will be for a lower amount, for example $5,000 cash to close, while the other may be $10,000 at 0% interest with payments of $55 over the course of 15 years.

These are much better reasons than to do a foreclosure in Gainesville. Take into consideration this scenario:

Let’s say you owe $250,000 on your Gainesville home, you bought it for $278,000 and it is now worth $150,000. A $100,000 difference in what you owe the short sale bank and what the home is worth. A buyer contracts on your home for $150,000 and the short sale bank agrees to the short sale, agrees to waive the deficiency but comes to you and asks for you to come to closing with $5000 or take a unsecured note for $10,000 at 0% interest payable over 15 years at $56 a month.

You say no and the home ends up in foreclosure, is resold after being carried by the bank for a year from the foreclosure date to resale. In the interim the Gainesville home deteriorates slightly from nobody living in it and causes the value to go down by 15% and the sales price is $127,500. The short sale bank incurred taxes of $2800, attorney’s fees of $12,000, Realtor commissions of $7,600, carrying costs of $3300 for utilities for the year and $3500 in miscellaneous expenses. The $100,000 difference in the short sale price to what was owed is now $151,700 that the bank may seek a judgment against you for that amount. This is a big difference between possible out of pocket costs and not to mention how your credit will be affected. Keep in mind if you foreclose and a judgment is sought, your wages may be garnished. Certain criteria must apply for this to happen. Please seek legal advice from an attorney.

Credit should be another consideration. With a Gainesville FL foreclosure it is listed on your credit report as such and you will have to wait 5 to 7 years to purchase another home. With a short sale, the bank will report paid in full as agreed or paid less than agreed and you will have the ability to purchase again with FHA in 2 years after the short sale.

 

Other Articles to Read:

Gainesville Homes For Sale Report On Short Sale Alternative Right Party Contact Program

3 Questions to Ask Before Hiring Gainesville Short Sale Agent

Options To Prevent Gainesville Foreclosure when Unemployed

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

 

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 352-535-0620 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