Category: Orlando Short Sales

Short Sale With No Hardship

Posted on by Jenny Zamora

Short Sale With No Hardship – Video

Normally, 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, mortgage payment increase,
even incarceration.

Sometimes.however, people need to sell their home not because of a hardship, but for other special circumstances like a job transfer, military deployment, etc. And, in most cases, for the reasons I just mentioned, lenders have been very accommodating to those that need to sell.
There is another reason however why homeowners want to short sale there home and that is simply to get out of a bad investment.
These homeowners know that they owe the bank way more money than the house will ever be worth and they just want to get that debt off their back and get on with their lives.
The 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.

 

So, the question is…Can you short sale your home without being behind on your payments so that your credit doesn’t get damaged?

 

The truth is that there’s no way of knowing until you try. Some lenders are more flexible in that respect than others and the only way to know is to give it shot.
It’s important to be aware that many short sale lenders.are controlled by the guidelines of the investors that own the loan.
So while a loan may be serviced by Wells Fargo or B of A or whoever, the loan is actually owned by another entity.
and It’s that other entity that decides on accepting or declining your short sale.

From our own experience. 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.

If you’re current on your mortgage but would like to short sale your Orlando property, call us at 407-902-7750 or visit https://orlandorealtyconsultants.com/short-sales/
One of our short sale experts will give you a free “analysis of your situation” 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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Freddie Mac Short Sale News

Posted on by Jenny Zamora

Freddie Mac

Is your mortgage owned by Freddie Mac and you’re struggling to keep your home? Well, if you want to sell in order to avoid having a foreclosure on your record, you may be eligible for Freddie Mac’s recently enhanced short sale.

 

In case you don’t know, a short sale is when a lender agrees to selling the property for less than the full payoff amount. After the closing the lender releases the lien on the property even though they received less the the loan balance. The benefits of doing a short sale is that you will avoid foreclosure and eliminate the mortgage debt.

 

Recently Freddie Mac has simplified and streamlined the process. Here’s how…

1-By allowing their servicers to negotiate the terms of the short sale directly with short sale agent representing the seller.

2- They’ve eased up and expanded on allowable requirements such as what types of hardships will qualify homeowners for a short sale.

3- They provide $3,000.00 to borrowers who qualify for relocation costs.

 

Are You Eligible For A Freddie Mac Short Sale?

Find out if you qualify for a Freddie Mac short sale. Answer the questions below to find out.

1- Is your mortgage owned by Freddie Mac?

2- You can provide proof of an eligible financial hardship which caused you to longer be able to keep up with the mortgage payments.

3-You were denied a loan modification by Freddie Mac.

4- You are over 30 days late on your mortgage. 5- The property is your primary residence. 6-Your monthly debt to income ratio is greater than 55%.

 

Get Free Short Sale Help

Even with all the information in the world about short sales at your fingertips you should still seek out help from a real estate professional. Even with all the improvements that banks like Freddie Mac have made in streamlining the process and making it easier on homeowners, short sales are still complicated and need to be done correctly.

By attempting a short sale on your own or hiring an agent who’s not experienced in the field, you could end up in a bad situation like losing your home to foreclosure.

If you still have questions or concerns about short sales or other alternatives to foreclosure, feel free to give us a call for a free consultation so that together we can find the best option for you. You can also visit us at https://orlandorealtyconsultants.com/short-sales/free-consultation/

 

Jennifer Zamora Orlando Realtor

 

 

 

 

 

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Fannie Mae Short Sales Just Got Shorter

Posted on by Jenny Zamora

Fannie Mae

I believe that Fannie Mae, Freddie Mac as well as most all other lending institutions finally acknowledge the importance of the realtor’s role in the short sale process.

It seems like yesterday [back in 2004] when we started doing short sales. Orlando realtors like myself that specialized in doing only short sales dealt with frustration everyday.

Short sales were rare and many lenders weren’t equipped to properly handle the short sale process. And when you did complete a short sale, getting your hard earned commission from the lender at the closing was like pulling teeth. Thankfully, we’ve come a long way since then and most lenders are very aware of how to handle a short sale efficiently.

In 2008 shortly after the bubble burst in 2007, the US Department of Treasury introduced the Making Home Affordable Program aka “HAMP”.  The intention was to reach out to struggling homeowners that wanted to try and keep their homes as opposed to selling them via short sale or losing them to foreclosure. The program was extremely successful at what it was supposed to do which was help homeowners modify their mortgage so that they could keep their home.

By this time, “short sale” was a pretty common term for anyone who owned a house or anyone who watched the local news for that matter. Lenders were also getting used to processing short sales and even started offering several different “Cash for Keys” programs as an incentive to homeowners who agreed to short sale their home. Even though, overall, short sales are still complicated and time consuming many lenders have seen the light and have taken leaps and bounds in streamlining the the short sale process.

Fannie Mae [Federal National Mortgage Association] announced recently that they will attempt to assist listing agents that want to pursue a Fannie Mae short sale. In order to understand Fannie Mae’s new and improved process, you have to understand how short sales work.

 

What Changes Were Made With Fannie Mae Short Sales?

Fannie Mae just introduced a new website www home path for short sales .com. At the time of the listing, Fannie Mae will now provide list price guidelines. In addition, the agency will work directly with the listing agent or seller to get the 1st lien approval. The next step for Fannie Mae is to allow realtors to negotiate an offer directly through them saving us even more time.

 

Jennifer Zamora Orlando Realtor

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How To Hire A Short Sale Realtor – Video

Posted on by Jenny Zamora

How To Hire A Short Sale Realtor  Video

 

When you hire a Short Sale Realtor t to take on your short sale, It’s just like hiring an attorney to represent you in some legal matter, so obviously you want someone with experience and a good track record.

The agent you choose is going to be dealing with your lender on your behalf which is a huge responsibility.

 

To begin with, they have to put together your entire file correctly to then move to the next steps of sending in offers, counteroffers, scheduling inspections, arranging showings, etc.

 

Right now there are a ton of cash incentive programs are out there and it’s important that your real estate agent is aware what programs you may qualify for or you could end up losing out on that those incentives.

 

Short selling a home is serious business. In fact, selling a house is one of the most important decisions a person will have to make in their lifetime,so it’s important that you hire a realtor that specializes in short sales.
What’s the best way to research an agent?
Like anything else these days, I recommend that you start your search with Google

 

Type in terms like “Orlando short sales” “short sale specialist” etc. A top short sale agent will have a strong online presence.
You should then choose 2 or 3 of them from the first page on the search results

 

Make sure that the agents that you choose are experienced in your area.

 

You should then start the interview process by asking these agents some key questions such as the following:

1- How many successful short sales have they done?, How many have they done in the past six months?, What’s their closing rate?
2- How many active short-sale listings do they have currently?

3- Do you have any references or testimonials from past clients? And is it OK to contact them?
This will give you a very clear picture of what you can expect moving forward.

 

 

If you follow the steps mentioned above, then you will know exactly which one to choose. Because remember, it’s not just about being a good agent. It’s also who do you feel comfortable with.

 

Short selling a home will be one of the most important transactions of your life. So it really is worth the extra effort to thoroughly research the agents you’re thinking of hiring before signing that listing agreement.

 

Feel free to contact us with any more questions you may have at 407-902-7750 or visit https://orlandorealtyconsultants.com/short-sales/

Orlando short sale expert

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Banks Can Take Your Assets After Foreclosure!

Posted on by Jenny Zamora

Stop Foreclosure Before It Starts

Are you behind on your mortgage and worried that the lender might go after your other assets if your home gets foreclosed on?

Unfortunately, it can happen if you live in Florida. This scenario can occur in an instance where if the bank is unable to recoup the full amount of the loan especially if it’s a large loan.

With such a large number of Orlando foreclosures still looming many homeowners are wondering if their lender can garnish their salary or personal bank accounts.

The problems that can crop up from a typical foreclosure sale don’t usually occur until after the sale has taken place and the bank ends up with the short end of the stick.

Here in Florida lenders can go to the court for a “deficiency judgment” in order to try and collect the rest of the money that is owed after the foreclosure. With a deficiency judgment in their possession, banks can go after your personal assets like a car or a boat. However, if the asset isn’t yet paid off, then the lender will have to settle for the second position after the lender for the car or boat, etc.

Florida lenders don’t usually go after a person’s assets following a foreclosure sale especially if they don’t see much to tap into.The truth is that collecting judgments is extremely time-consuming and can be quite costly to the bank.

Banks will pay more attention to homeowners with homes that are worth millions of dollars because the larger the loan the bigger the loss. In these cases, the lenders will check the borrower’s bank accounts especially if the accounts are with the same bank. Depending on the situation, banks can move to freeze or garnish these accounts. Banks will also go after businesses that default on large commercial properties.

Just When You Thought It Was Over

There’s another risk that exists for smaller borrowers that may occur down the line. Many times, banks end up selling off these types of judgments to investors or collection agencies for pennies on the dollar. These agencies hire people that are dedicated to hound people any way they can for a settlement. Since judgments are valid for up to twenty years, it gives them more than enough time to come after the borrower for the balance due.

Avoiding A Deficiency Judgment

The best way to avoid a deficiency judgment is for people to deal with their mortgage problems head-on. take action! If a borrower has the chance to pursue a short sale with their lender then they should do it. Not dealing with the problem is the absolute worst thing that someone can do to themselves. It’s like having a financial ticking time bomb on their hands. Borrowers are soo much better off working with the bank as opposed to avoiding them.

Hire A Short Sale Expert

It’s extremely important that the short sale payoff be recorded as a “full payoff”. To ensure that things are done correctly, enlist the help of a short sale expert. Find a short-sale realtor in your area that has a high closing ratio. Avoid realtors that aren’t experienced in the short sale arena or that have only done a few. Selling a home is one of the most, if not the most important transaction of a person’s life so it’s crucial that they find the best-qualified realtor for the job.

 

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