Tag: Florida short sales

Can you do a Short Sale if you’re not behind on your Mortgage?

Posted on by Jenny Zamora

Typically, homeowners that are no longer able to continue paying their mortgage are going through some kind of hardship such as job loss, decrease in pay or hours, health issues, divorce, death, mortgage payment adjustment, and even incarceration. Oftentimes, however, there are reasons that people must sell their homes when there is no hardship. These include job transfer, military deployment, etc. And, in most cases, for all of the reasons mentioned above lenders have been very accommodating to those who want to sell.

However, now more than ever we get contacted by sellers that want to Short Sale their house but they don’t fall into either category mentioned above. They can afford to keep making their payments but they hate the idea of paying on a mortgage with a principal balance that is a lot more than their property is worth. These sellers just want to get out of a bad investment and get on with their lives.

The truth is that it’s hard to say whether the lender will approve a short sale for a homeowner that has no hardship. Some lenders are more flexible in that respect than others.

It’s important to be aware that many short-sale lenders are controlled by the guidelines of the investors that own your loan. So, while a loan may be serviced by Wells Fargo, the loan is actually owned by another entity. It is that other entity that decides on accepting or declining your short sale. Most investors do require that the sellers have missed mortgage payments, and others do not.

Unfortunately, you just don’t know how things will play out until you start the short sale process with the lender. Only after you get the ball rolling with the short sale will you know what the lender will require from you.

If you’re current on your mortgage but would like to short sale your Orlando property because it owes more money than it’s worth, come in and see us. One of our Orlando short sale experts will give you a free “seller’s situation analysis” so that you can find out what your options are and move forward with the knowledge that you need to make the right decision.

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Short Sale in Hunters Creek, FL | 2722 Runyon Cir.

Posted on by Jenny Zamora

This week our featured property is located in the beautiful neighborhood of Hunters Creek. This neighborhood was recently voted the 21st best place to live in America. The top-rated schools in addition to everything else mentioned below, Hunters Creek is one of the most desirable neighborhoods in Orlando. The good news is that you can still find a great deal in Hunters Creek.

The Parks of Hunters Creek

If you have kids, you will love Hunters Creek,  It’s obvious that when they made the plans for building Hunters Creek 25 years ago, they had young families in mind all the way. There are playgrounds, soccer fields, baseball fields, football fields, basketball courts, tennis courts, and racquetball courts for residents to enjoy. Hunters Creek also has youth sports programs for just about any sport you can think of for children wanting to participate. There are also gazebos and community centers that can be used for private activities.

Shopping and Restaurants

Hunters Creek is conveniently located close to several good restaurants right there in The Village. Wherever you live in Hunters Creek, you’re only a few minutes away from a healthy selection of family restaurants, pubs and there’s even a Farmers market. If it’s a mall your looking for, try going to the Loop. It’s just minutes away and it has a wide array of stores as well as a movie theater.

Shingle Creek Trail

Over the years we’ve seen enough animals in our backyard to start a zoo. We’ve seen deer, turkeys, river otters, bobcats, foxes, wild boars, bald eagles, Sandhill cranes, and owls just to name a  few. With ponds everywhere, most residents are able to go fishing, kayaking, or canoeing without even having to drive. Although we’ve seen small alligators in the water, the larger ones are removed by animal control and taken to Gatorland.

Shingle Creek Trail is a beautiful conservation area that consists of hiking trails, bike paths, lakes and there’s even a trail that travels along the side of Shingle Creek where people go kayaking, canoeing, and fishing. We often go bike riding through the trails because my boys love it.

It’s a 1 story home with 4 bedrooms and 2 bathrooms and 1,878 sq ft of living space.

Here are just a few of the property’s features

* Large master suite

* Open Kitchen with tons of cabinet space

* Granite countertops throughout

* Vaulted Ceilings

* Solid wood cabinetry throughout

* Dining and great room designed for family gatherings and entertainment.

* Lots of natural lighting

* Huge backyard on a pond

* 2-car garage

* In-ground screened in pool

Easy access to schools, first-rate shops, and restaurants. A must-see!

Call to make your appointment, You DO NOT want to miss out on this Great opportunity! Make an offer today before it’s too late.

Are you currently searching for your Orlando dream home?  Look no further just click on;  search Orlando Luxury real estate and you’ll have access to all the properties listed on the Florida MLS. Within just a few clicks of your mouse, you’ll be searching out Florida real estate like a pro.

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Don’t be Embarrassed About Doing a Short Sale.

Posted on by Jenny Zamora

When the real estate market crashed, many people were left owing a lot more on their house than it was actually worth. Some also lost their jobs. It didn’t matter what income bracket they were in, the crash affected upper, middle and lower income families alike.

In other words, you’re not alone. So, there’s really no reason at all to feel embarrassed about doing a short sale. And, there is nothing dishonest about it, as some people feel; a short sale is merely a tool to help you take control of your financial situation, rather than letting your house go to foreclosure, which often has a more damaging effect on your credit rating.

How will people react if I Short Sale my house?

Friends and neighbors are no longer so quick to judge those who have “short sale” or “foreclosure” signs on their front lawns. Everyone appreciates that times are tough and we’ve all become more sympathetic to those who are struggling financially.

It’s distressing for people who have always had good financial habits to suddenly find they are unable to keep their mortgage payments up-to-date. If you find yourself in a precarious financial situation due to the housing crash, doing a short sale may be the answer. No one wants to be burdened with a huge debt that is difficult to keep up the payments on.

What will my lender do if I need a short sale?

While some lenders are approachable, allowing homeowners to re-finance or negotiate new terms that will allow them to make regular payments again, other lenders aren’t so flexible, leaving you with only three choices;

  1. pay up on the spot,
  2. face foreclosure or
  3. do a short sale.

If the latter is what you’re faced with, a short sale will help you to keep your dignity while you sell your home and make a fresh start.

Who can I turn to for help?

An Orlando real estate agent who is experienced in short sales, like those here at Orlando Realty Consultants, will help to make the short sale process as smooth and painless as possible. We are trained and knowledgeable about all aspects of a short sale and can answer any questions you may have about selling your home in this way.  There is no need to feel embarrassed about calling us as we work with folks every day who are going through the short sales process.

Call us at 407-902-7750 to discuss your options, we are certain we can help.

 

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Orlando Homeowners Rush to Short Sale Their Homes before the Mortgage Forgiveness Debt Relief Act of 2007 Expires

Posted on by Jenny Zamora

Orlando homeowners are in a panic to sell their homes before the end of the year when the Mortgage Tax Debt Relief Act of 2007 is set to expire.

There’s a chance that the Act could be extended but, if Congress fails to extend the Mortgage Forgiveness Debt Relief Act of 2007 before the end of the year, homeowners will have to start paying income taxes on the portion of their mortgage that is currently being forgiven in a foreclosure, short sale or principal reduction.

That would mean that a homeowner who sells a $150,000 home for $100,000 in a foreclosure, could be taxed by the IRS on the remaining $50,000. If you’re in the 25 per cent tax bracket that would mean paying $12,500 in taxes and similar taxes would apply to forgiven amounts in short sales and principal reductions.

Consequently, Orlando homeowners are rushing to short sell their homes before the end of the year. More than 50,000 homeowners face foreclosure each month so, should the tax breaks expire, a large number of mortgage borrowers would be affected.

Over the past three years, the number of short sales has tripled to about a half million per year. Under the terms of the foreclosure abuse settlement, about one million borrowers may have their mortgage debt lowered through principal reductions over the next couple of years. The cost of the settlement would be $25 billion.

It is speculated that, now that the election is over, there will be very little legislation moving forward before the end of the year. Plus, the cost of a one-year extension is estimated at $1.3 billion, which makes it a huge point of contention.

Others feel that Congress will act before the end of the year because both houses agree that the Mortgage Tax Debt Relief Act needs to be renewed and it’s only a matter of how quickly the process will move forward.

Some Orlando homeowners may have nothing to worry about, as not all borrowers with forgiven mortgage debt will have to pay extra taxes. Even if the Mortgage Forgiveness Debt Relief Act expires on December 31st, special circumstances could exempt them. Specifically, no taxes would be owed if a debt is discharged in a bankruptcy or in the case of a homeowner being insolvent, that is, they had more debt than assets at the time the debt was forgiven.

In addition, certain states treat foreclosures differently so that some borrowers are protected against paying the tax.

 

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Another Great Orlando Short Sale

Posted on by Jenny Zamora

9797 PORTOFINO DR in ORLANDO

This is an Orlando short sale, that will be sold at a huge discount and will be a great deal for anyone wanting to live in this area.


Orlando Realty Consultants is proud to add  9797 PORTOFINO DR in ORLANDO to its list of breathtaking luxury homes. Built in 2003, this 2,476 sq ft. two-story single-family home is located in one of Orlando’s premier neighborhoods, Nonacrest!

A must-see! This is a Gorgeous 2 Story 3 Bedroom/3 Bath Home with a Bonus Room that can be used as a 4th Bedroom. The master Room is upstairs with a HUGE sitting area and Pond View. It’s Breathtaking.

 

With 3 bedrooms and 3 full bathrooms and large common areas, the open layout has an enticing flow to it. Exquisite solid wood cabinetry, exotic granite countertops, and top-of-the-line appliances all come together with amazing attention to detail throughout this gorgeous house.

Check out these features

* Huge master’s retreat with sitting area

* Wide open Kitchen

* Vaulted Ceilings

* Granite counter tops throughout

* Solid wood cabinetry throughout

* High end appliances and fixtures throughout

* Dining and great room designed for family gatherings and entertainment.

* Covered back patio

* 2-car garage

* Large pool with a spacious deck for backyard Barb-B-Que’s and pool parties

Easy access to schools, first-rate shops and restaurants, and close to Orlando’s top medical facilities

So much more a definite must-see!

Call to make your appointment, You DO NOT want to miss out on this Great opportunity! BANK-APPROVED PRICE!!

Are you currently searching for your Central Florida dream home?  Look no further just click on;  search Orlando Luxury real estate and you”ll have access to all the properties listed on the Florida MLS. Within just a few clicks of your mouse, you’ll be searching out Florida real estate like a pro.

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