Tag: Orlando short sale expert

Orlando Short Sale Q and A… Ask The Expert       

Posted on by Jenny Zamora

Q and A with Jenny Zamora, RE Broker, Orlando Short Sale Expert                    

Q- My house is worth less than what I owe on the mortgage and there’s no way I can afford to continue making payments on it because I lost my job and I’m only working part-time now. Can I ask my bank for a short sale?

A- Before I begin speaking about Orlando Short Sales, you should be aware that there are other options available to you if you want to try and keep your home. If this is the case, you should contact your lender and ask them if they would be willing to consider a loan modification on your loan. A loan modification is just that….a modification to the terms of your loan so that you can afford to make the payments. Even after pursuing a loan modification, many homeowners find out that the bank’s terms are even worse than before and opt for pursuing a short sale instead.

Assuming that you’ve already decided that you want out of the situation and sell your house, you can ask your lender if a short sale is an option that they would consider. I would strongly suggest that you contact an Orlando Short Sale Expert to help you with this. Most realtors don’t like doing short sales because of the amount of all the extra work involved so make sure that you find one that lives eats and breathes short sales. Your Orlando realtor can give you an estimate of how much your home is worth in today’s market so that you know exactly where you stand before approaching your bank. Your short sale realtor should also be a skilled negotiator to ensure you get the best chance at a successful short sale. Negotiating with the bank as well as prospective buyers is a common part of the short sale process.

Q- How does the short sale process work?

A- A short sale happens when your mortgage lender is willing to accept less than the full mortgage payoff on your loan. You’ll need to provide your lender with some documentation like financials, a list of assets, and a complete explanation in writing of why you can no longer afford to continue making your mortgage payments AKA a “hardship letter”.Once your realtor has submitted the entire short sale package to the bank and they agree to a short sale, you’ll be required by the bank to list the property for sale with your Realtor for market value.

Q- How long does a short sale take?

A- Unfortunately, short sales are anything but short. Banks don’t like taking a loss, so don’t expect them to be in a rush to help you get out of the situation. In addition to negotiating with your lender, your Realtor will also be negotiating with potential buyers and buyer’s agents trying to get the deal done. You have to remain patient when it comes to processing a short sale.

Q- What are the tax implications if I do a short sale?

A- The Internal Revenue Service considers a debt that has been forgiven as income. This means that if you paid your lender $110,000 through a short sale and you owed $180,000, the unpaid balance of $70,000 would be considered income. In 2007 the Mortgage Forgiveness Debt Relief Act of 2007 was instated to help homeowners who lost their homes through short sale or foreclosure by waiving the income tax implications on the forgiven debt. Unfortunately for today’s distressed homeowners, this Act expired in late 2013. This means that you will more than likely be responsible for paying income tax on the debt that was forgiven by your lender through the short sale.

Q- How will a short sale affect my credit?

A- The good news is that a short sale will have much less of a negative impact on your credit than a foreclosure or bankruptcy. However, depending on the number of late payments you have on your mortgage, your credit will still be significantly affected and it will probably be a few years before you can get another mortgage.

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Retired Couple Buy Their Orlando Dream Home!

Posted on by Jenny Zamora

Couple Finds Their Orlando Dream Home in Hunters Creek

Living in New York most of their lives this retired couple had had enough of the cold and ready to live out their golden years in “The City Beautiful”. After spending time with their nephew who lives in Hunters Creek FL, and after several months of searching in other Orlando neighborhoods they decided that Hunters Creek is where they wanted to live and they were finally ready to shift into buying mode for that specific area.

When a buyer is only interested in one specific area it can be both good and bad from the realtor’s standpoint. The good part is that it doesn’t take long to do a search for all the homes that are available for sale in the area. The bad part is that it usually takes longer to find the perfect home for someone who is only interested in seeing homes in such a relatively small area due to a lack of inventory.

However, it seems that these buyers were being helped by some kind of divine intervention. Just days into showing these retirees homes that were for sale I received a call from a Hunters Creek homeowner needing to sell their home quickly. These distressed homeowners were six months behind on their Wells Fargo mortgage and have exhausted all means of trying to keep their home.

They were in need of completing an short sale on their home and with an approaching foreclosure date, they needed to get it done A.S.A.P. After Googling “short sale experts in Hunters Creek FL”, they found our company and hired us to complete their short sale. The next morning we met with them at home to collect paperwork, get measurements, photos and everything else we needed to get the ball rolling with the short sale. Although the home needed some work I felt it may be a good fit for our retired couple from New York so I brought them to see it that same night.

They fell in love with the Lakefront home in Calabay Cove. My concerns over the needed repairs disappeared when I found out that the buyer was a handyman and actually loved the idea of having something to do! We explained to the buyers that a short sale can sometimes be a lengthy process but they were willing to stick it out in hopes of getting a great deal on their dream home.

Although it was a bumpy road like most short sales, after three months of negotiating with Wells Fargo we received the short sale approval letter and the buyers were able to close on the home just 10 days after we received the approval. The final short sale price that was agreed upon by the lender was $278,000.00. Considering that the full payoff on this 4 bd rm 3 bd rm home was $470,000.00 the buyers were elated to finally close on their dream home….. I must admit that it was also pretty nice to make a double commission.

 

 

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Jenny Zamora Top Orlando Realtor

Posted on by Jenny Zamora


Jenny Zamora is the Broker/Owner and Listing Specialist. at Orlando Realty Consultants, a full-service top-ranked Real Estate Brokerage located in Orlando, Florida which specializes in doing Orlando Short Sales and Foreclosure Prevention. 

She provides Professional Real Estate solutions for both home buyers and sellers. Her diverse team of Orlando real estate experts has experience in all aspects of Real Estate. She will work with you to make your home purchases and sales process as simple as possible while providing you with the most up-to-date information on your transaction process as it develops.

Orlando Short Sale Specialists

Our team of Top Orlando Realtors has a ton of experience with short sales. Since 2004 we’ve closed thousands of Orlando short sales helping distressed homeowners walk away from their mortgage debt-free and most of the time get cashback at closing.

About The Company


Orlando Realty Consultants is an award-winning real estate brokerage made up of a team of top-ranked listing agents in Orlando, FL. They are experts in selling Orlando homes for top dollar in the least amount of time.

This team of high-energy real estate professionals prides themselves on providing professional real estate services with a personal touch.

Buyers and sellers can reach Jenny Zamora Lic Broker/ Listing Specialist at Orlando Realty Consultants with the information below.

Jenny Zamora Lic. RE Broker
Cell: 407-902-7750
email: [email protected]
website: www.OrlandoRealtyConsultants.com

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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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Who Makes The Final Decision On An Orlando Short Sale?

Posted on by Jenny Zamora

Orlando Short Sale Help

 

 

Is your mortgage with one of the large banks like Bank of America, Chase or Wells Fargo? You may be surprised to hear that these lenders don’t usually make the decision on whether or not to approve your Orlando short sale.

It’s a common misconception really but the truth is that these lenders are just servicing these loans for the Investor.

So, who is the investor you ask? The investor in most of these scenarios is usually a corporation, a hedge fund or a firm on Wall Street. It could also be a what’s called MBS or “Mortgage Backed Securities”.

The “Investor”  can also be a government-sponsored entity like Freddie Mac or Fannie Mae. These are referred to as GSEs or “Government Sponsored Entities“.  What most people don’t know is that if your lender or servicer refuses your short sale, your Orlando realtor can contact the investor directly. Most real estate agents are unaware of this and will typically go by whatever the servicing company decides.

Usually, when we contact the investor after the short sale has been denied by the bank or servicing company, we get them to reassess the short sale. It’s a matter of convincing them to accept the short sale based on the hardship of the homeowner and the true market value of the home taking into account all of the repairs that need to happen in order to get the home market-ready.

What we’ve noticed from our own experience is that the “Investor” or “third party” will do a much better job of assessing the short sale offer that was put forth… especially, because it’s their money. After they review the file and if it makes sense to them. The short sale offer is then approved and the investor will ensure that the servicing company is aware of what took place. 

This has proven to be helpful in cases where the lender has asked for a seller contribution and they threaten to close the file unless the homeowner agrees to sign a promissory note for the deficiency.  Sometimes servicing companies will reject a short sale without good reason. Other times the negotiator will have demands that just plain irrational such as wanting more than fair market value or not considering the repairs that need to happen.

 

Why Orlando Short Sale Negotiators Kill Fair Deals?

Being an Orlando short sale realtor for so many years I still get frustrated when the negotiator stands in the way of a perfectly fair transaction. Why in the world would a negotiator do this? I’ve come up with several theories like maybe they get a bonus for obtaining a higher offer and closing it…or maybe they’re just bitter.      

I realize that this might be a surprise to many homeowners but the truth is that this happens more times than it should. If you’re having trouble getting your short sale approved, then find out who the investor is and inform them of what their servicing company is doing to you.  

Our company has been able to get several Orlando short sales approved just by bypassing the servicing company and contacting the investor directly whenever the servicer doesn’t cooperate. If you or someone you know needs help with an Orlando short sale contact us at 407-902-7750 or just visit https://orlandorealtyconsultants.com/short-sales/

 

 

Orlando short sale expert

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