Tag: Orlando short sale

ORC Closes Another Orlando Short Sale

Posted on by Jenny Zamora

  ORC closes another Orlando short sale. Jenny Zamora, Listing Specialist/short sale expert known for getting her listings sold in record time for top dollar has beaten the odds once again. Now…  I don’t write about every short sale listing our company closes [or I wouldn’t have time to write about other stuff] but I felt that this one is worth sharing.

This Orlando home was originally listed by an investment group that claimed to be short sale experts and promised to get the job done fast and efficient, and of course… free of charge. In reality, they were actually wholesale flippers that ended up dragging the homeowner into deep water.

The strategy of a whole sale flipper is to submit a low offer to the bank on a distressed home in hopes that the bank will accept the offer so that they can flip the deal to another buyer without having to close on it themselves. If it works, the flippers make a few thousand bucks the seller gets rid of their problem and everyone’s happy.

However, if the bank rejects the offer the homeowner is then left holding the ball. Once the wholesale flipper realizes that they can’t make money on the deal, they will typically move on to the next potential seller [or victim] at this point leaving the homeowner in a bad situation to fend for themselves.

Getting back to our story…The lender set a foreclosure date just 30 days away and the investment group bailed on her when they couldn’t get the short sale approved. After reading our online reviews, the homeowner came to us thinking that all hope was lost and her home would surely be foreclosed on.

After consulting with distressed homeowner, we accepted the file and Jenny Zamora went to work immediately on the short sale. By using all our marketing tools as well as blasting the property details to our network of active home buyers from around the world, she quickly got the word out and managed to get serious investor interested in the property for a price that lender was happy with.

By getting all necessary documentation to the lender quickly in an organized and efficient manner, they stopped the foreclosure process allowing ample time for the new buyer to close on the property. As a result, the lender issued a new short sale approval letter that gave the buyer 30 days to close on the property even though the buyer only needed 10 days to close. 

If you’re in need of completing a short sale on your Orlando home, please, please, please beware of so-called “short sale expert investors” that promise to save you from foreclosure. Be sure to research anyone you plan on working with extensively. Many of these companies are only out for their own financial gain at the expense of the homeowner. 

It’s important to know that unlicensed investors aren’t bound by a code of ethics nor are they subject to follow the same laws that licensed realtors are. An Orlando realtor is sworn to put the best interest of the homeowner first and if they don’t, they can be prosecuted and potentially lose their license.

 

Orlando short sale expert

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Orlando Short Sale Client Testimonial VIDEO

Posted on by Jenny Zamora

Orlando Short Sale Client Testimonial VIDEO

“Jenny Zamora worked very hard to get our Orlando property sold through a short sale. She is obviously an expert in the process and is familiar with the requirements and regulations that need to be followed.

 

Unlike other realtors I have used in the past, Jenny responded immediately every time I had a question or wanted an update. I never had to wait for an answer.

Jenny and her team got my short sale done and I was able to move to another house immediately.

Jenny and her team come with my highest recommendation. You will not be disappointed. Thanks, Jenny!”

Need a short sale done on your home? Contact us at 407-902-7750 or visit https://orlandorealtyconsultants.com/short-sales/

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Loan Transfers, Not Just For Delinquent Mortgages

Posted on by Jenny Zamora

Most people are under the assumption that a loan has to be in delinquent status in order to be transferred. The truth is that any loan can be transferred at any time the bank wishes. Remember the fine print that you speed read through at the closing? 

Somewhere in that fine print, it states that your mortgage company reserves the right to sell or transfer your loan at any time they wish after the closing. That means that the lender has the right to sell your loan to another lending institution without your permission.

Usually, mortgage companies will give you a written notice in the mail informing you that your loan has been or will be transferred to the new lender or servicing company.

However, I’ve had many clients tell me that they were made aware of the transfer only through a welcome letter from the new lender. Sometimes loans get transferred multiple times. Just because your loan was transferred once, it doesn’t mean that it won’t get transferred again…and again, etc.

Unless you pay off your loan in full, you will never have control over who controls your mortgage.

Mortgage Transfers Are Especially Challenging for Short Sale Realtors

For real estate agents like myself that specialize in doing Orlando short sales, this can be an extremely frustrating situation. You can have hours, days, weeks, and even months invested in a short sale file then… WHAMMO!!  Out of the blue the loan gets transferred to another lender. It wouldn’t be such a big deal if they would just transfer the complete file over to the next lender so that we could just pick up where we left off. But that’s not the case……that’s never the case!

The new lender requires the agent to submit the entire short sale package again from scratch. The only thing that does transfer over it seems is the pending sale date. So not only are you forced to waste a lot more time submitting the new file, getting a hold of the negotiator, etc. but the sale date doesn’t usually get delayed.

This has happened so many times to me that you wouldn’t bother me any more right? Wrong… this has to be the most frustrating thing that can happen to a short sale realtor especially if you’ve been working the file for several months. However, sometimes it’s a blessing in disguise if you’re lucky enough to get a lender that’s more flexible with their terms or guidelines other times homeowners end up with a lender with a much stricter set of rules.

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Orlando Realtor- Seller Testimonial

Posted on by Jenny Zamora

https://orlandorealtyconsultants.com/ VIDEO – client testimonial

This is the story of Gayle McKenzie. Gayle found our company online after being let down by another Orlando real estate agent who wasn’t able to help her out of a tight situation. She owned a beautiful house in Whisper Lakes that she was no longer able to afford and needed to get a short sale done on her home before the bank foreclosed on her.

After sitting down with Gayle on the first appointment, Jenny Zamora RE Broker, explained the short sale process to Gayle in detail making sure that she was aware of what to expect moving forward. After collecting all the documentation needed for a short sale, she submitted the complete package to the lender including a contract.

Within a few months, Zamora was able to negotiate with Gayle’s lender and got the bank to reduce a balance of $310,000.00 down to $163,000.00

Getting the house at such a steep discount made it easy to sell. Within one week of getting the approval from the bank, we had a solid buyer. Three weeks later we went to closing and Gayle was able to move into another house with the $3,000.00 relocation assistance that she received from the lender.

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The Root of All Short Sales is a Valid Hardship

Posted on by Jenny Zamora

 

A borrower’s hardship still remains the main criterion in order for a lender to approve a short sale on a home. The simple explanation or definition of “hardship” is when someone is in “a state of affliction or misfortune” meaning that the borrower has gone or is going through something in their life whether it’s personal or financial that has affected their ability to continue paying their mortgage. There could be countless reasons that someone could be going through hardship but there always seems to be a handful that we hear about over and over again.

Working as an Orlando short sale realtor for the past 8 years, I’ve heard hardship stories that have literally brought tears to my eyes. However, listening to some of these stories has only fueled my passion for wanting to help these people that are going through a valid hardship. I also help investors that are facing foreclosure on their Orlando investment properties for whatever reason, but there’s a world of difference between losing an investment property or two or three as compared to face losing the home that you live in with your family.

Generally speaking, it’s much harder to get a short sale approved on investment property, than it is on someone’s primary residence. The truth is that some lenders are just not interested in approving a short sale on a property unless there’s a legitimate hardship at the root of it. OMG!… Does this mean that some of these loss mitigation negotiators actually have compassion for people that really need and deserve it? I’m happy to say that, yes it does. In my experience, the majority of loss mitigation reps will actually read the hardship letter and factor it into their decision of whether or not to approve a short sale.

Here are some of the main reasons why people are facing financial hardship.

1. Reduction of income

2. Loss of employment

3. Medical problems

4. Divorce

5. A death or serious injury in the family

6. Having to relocate because of employment or school.

7. Business going under

8. Drug addiction

Financial hardship alone, however, is just not enough to get a short sale approved. The biggest reason is that the home must be worth less than the full payoff of the mortgage. If not, then the home could typically be sold as a traditional listing providing that there’s enough equity to cover the closing costs of the transaction.

Here’s a basic example that can be used as a template to create a hardship letter.

Dear Lender,

I’m writing this letter to explain why I am no longer able to continue making my mortgage payments to you.

[Here is where you want to write about your personal hardship in detail]

Also, current market conditions in my area have significantly deteriorated causing my home to be worth substantially less than what is owed on my mortgage balance. As a result, I’m asking that you please consider allowing me to sell my house as a short sale.

Kindest Regards,

Distressed homeowner.

Cash Back to the Seller at Closing

Assuming that all of the other criteria of the lender are met to proceed with the short sale, the borrower may also be eligible for relocation incentives from the lender. Programs such as HAFA [Home Affordable Foreclosure Alternatives] will actually pay the seller anywhere from $3,000 to $30,000 back at the closing depending on the situation.

 

 

 

 

Orlando short sale expert

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