Tag: Stop foreclosure Orlando

“Florida Hardest Hit” program makes Qualifying for foreclosure prevention easier than ever

Posted on by Jenny Zamora

 

“Florida Hardest Hit” program is helping Orlando homeowners in a big way.

 

Florida Hardest Hit is part of a federal initiative to help states devastated by the housing crash. Last week state housing officials announced changes to a $1 billion foreclosure prevention program that will make it easier for qualified homeowners to get more money.  As an Orlando Realtor this makes me happy because although not everyone will qualify for this program, it will be a savior for many Orlando homeowners.

The program offers money to cover mortgage payments for homeowners who are unemployed or in jobs with salaries below what they need for basic living expenses. Funds also are used to bring delinquent mortgages current for people who have returned to work or found higher-paying jobs.

One of the major new changes to the program is that homeowners that apply to Florida’s Hardest Hit Fund don’t have to be at least 180 days late on their mortgage to get qualified. Also, it will no longer be a requirement that loans have to be originated on or before Jan 1, 2009 and If you were formerly denied by the program you will now be able to reapply.

Keep in mind that these changes must be approved by the U.S. Treasury and likely won’t be effective for at least six to eight weeks.
One of the proposed changes is that unemployed homeowners can receive as much as $24,000 back to pay their mortgage over 1 year. Right now it stands at $12,000 which is a huge difference. Orlando homeowners also may be eligible for as much as $18,000 to bring past-due mortgages current. Although the program only began in April 2011, homeowners are already complaining that the Hardest Hit requirements were too restrictive.

 

Florida Hardest Hit has helped more than 5,540 homeowners statewide.

 

“Florida Hardest Hit” current qualifications for an eligible Orlando homeowner:

 

*Must be a Florida resident

*Must occupy property as primary residence (the property cannot be vacant, abandoned or rented)

*Borrower/co-borrower must be unemployed or underemployed through no fault of his/her own, which makes the first mortgage unaffordable

*Must have documented total household income at or below 140% of the area median income (AMI), adjusted for household size

*Must have an active checking/savings account that can be debited by the ACH method of funds transfer

*May not have unencumbered assets of $5,000 or more, or three times the current monthly mortgage payment (whichever is greater)

*Cannot have a bankruptcy that has not been discharged or dismissed

*Cannot have been convicted of a mortgage-related felony in the last 10 years.

To learn more about the program, contact an Orlando Realty Expert 

 

Ask me anything, I’m here to help.

Orlando Real Estate Broker

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HOA Foreclosures Keep Rising as Associations Seek ‘Revenge’ on Delinquent Homeowners

Posted on by Jenny Zamora

HOA foreclosures are becoming more and more common these days. Tired of putting up with late duesAvoid foreclosure Orlando, FL and mounting maintenance bills, some homeowner associations are motivated by spite and revenge, instead of sound business sense, to foreclose on delinquent owners.


I believe that taking title to a property for a few thousand dollars in unpaid association fees is just wrong and isn’t the best answer.


Here in Orlando a Home Owner Association will only receive 1 year worth of payments if the property goes to foreclosure sale. Sow why are soo many Associations initiating the foreclosure before the lenders even do?


Here’s what I think, HOAs are fed up with being playing fiddle to the lenders. It used to be that HOAs were easy to work with. If someone was behind on their HOA dues it was no big deal. If the seller owed ten thousand dollars in delinquent HOA dues, experienced Orlando realtor could usually get them to accept one to two thousand dollars and they would only get paid at the closing table.

 

The fact is a lot of members aren’t paying because they haven’t seen that the associations mean business, Associations are now very educated on the subject. Now they  are getting serious about it and moving towards foreclosure much faster and many times, beating the lenders to the punch.

 

Because it’s easier for an association to foreclose than a bank  [no proof of ownership necessary, no issue with robo-signed documents ] real estate attorneys say that the biggest reason for the increase in HOA foreclosures is that HOAs are tired of getting pushed around and are now pushing back with a vengeance.

 

 

Orlando Homeowner Associations getting rental income from foreclosed houses

There’s another reason why HOA’s are foreclosing way before the lender does. When the homeowner association forecloses and takes title to a home, they rent it out until the bank forecloses as the primary lien holder. With banks taking years to foreclose on some properties, the board can collect thousands of dollars by the time the bank gets around to foreclosing.
I’ve seen with some of my own clients that HOA boards will even implore tactics such as taking away there gate key forcing them to park outside the community and walk.The fact is that many times the HOA will push for foreclosure out of spite even when there are other options available.

If you happen to find yourself in a similar situation with your HOA, then you should consult with an Orlando Realty Expert. It doesn’t cost you anything and you may find the solution to your problem

 

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2012… Year of the Orlando Short Sale

Posted on by Jenny Zamora

Will 2012 be the Year of the Orlando Short Sale? 

Since mid-2006, residential values in Florida have declined by 51 percent. Hundreds of thousands of properties have been, or are, in foreclosure and huge numbers of homes have been repossessed. Check out these numbers for the state of Florida.
• 150,000 residential properties in Florida have been repossessed, and are now REO’s.
• 371,000 foreclosure cases are open in courts today.
• 530,000 residential mortgage loans are at least 90 days past due and in default.
•265,000 homeowners have not made a mortgage payment in more than two years.
•1 million residences are in some form “distressed,” whether in foreclosure, owned by banks or in default.
• 46 percent of mortgages are “under water” … in other words, the debt exceeds the current market value of the residential property.
809,… this is the average number of days to process a foreclosure in Florida — It’s easy to understand why Orlando short sales have become so popular with both lenders and sellers, because are the best option for both parties and they create positive movements in the total market.
Will 2012 be the Year of the Orlando Short Sale? I think so, I also think that 2013 might be an even stronger Year of the Short Sale in Orlando because of the volume of pending foreclosures.

There was a group of 150 people that consisted of analysts, lawyers, bankers, real estate agents and developers who attended a forum that more lenders are warming to short sales. They all agreed that distressed homeowners are overcoming their psychological hurdles and coming to terms with the financial implications of an Orlando short sale.

Although, the impacts of Orlando foreclosures and short sales and the fear of more to come are still a threat and prevent value appreciation from returning to its previous levels, there are still some positive signs of growth in the market.

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Orlando Short Sale Listings Rise Dramatically

Posted on by Jenny Zamora

The market is seeing a remarkable spike in Orlando short sales, an increase in overall median sales price for existing homes and increases in median sales prices for foreclosed properties. The Orlando Regional Realtor Association (ORRA) reported that in November 2011, short sales jumped 39.38 percent versus prior year sales.  Surprisingly, the accompanying median sales prices jumped by 7.07 percent; rising from $99,000 to $106,000.  The fact is that 73 percent of homes under contract and pending closing are short sales” …Wow! That’s a big number.
Although the performance stats for the Orlando real estate market are encouraging we’re not out of the woods yet. The good news is that there will be some great real estate deals in Orlando for some time to come. If you need to get your Orlando house sold for top dollar quickly, contact us today.

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