Yanni Raz is a mentor for many in the Real Estate Mortgage industry, Yanni Raz is been tutoring many homeowners in California and help some also to save their homes. http://www.homesinsale.com
Archive for avoid foreclosure Orlando
Nov
06
Selling to Avoid Foreclosure
Posted by: | CommentsAre you currently at a financial hardship, and possibly going into foreclosure? Not sure of your options? Well the good news is there are ways that you can save your home and your credit, and there are people out there who can help. Selling your home to avoid foreclosure is one way to get out of the hole.
You are probably asking how you can sell your home to avoid foreclosure if you are already up side down on your mortgage. Here is how: first off you need to face the problem head on, and not ignore notices from your lender. Contact them as soon as possible to avoid the foreclosure of your home, and let them know of your hardship. Depending on your situation, they may allow you a repayment option, most likely if you are upside down on your mortgage, you are in no position to be put on a payment plan. The best option would be to sell your home to satisfy the debt and avoid foreclosure.
A short sale is the best way for you to save your credit and avoid foreclosure. A short sale is when the bank and or lender agrees to sell your home for less than the amount that is owed on the note. Keep in mind though, you will not be making a profit on the sale of the home, but you will be relieved of the outstanding debt. You must be able to sell your home in 3-5 months, your lender will provide you with an appraiser to see if the home meets certain guidelines, and you must be at least 2 months delinquent on your mortgage payments. Short sales are hot on the market right now, so it wont be too long before an offer is submitted. Once an offer is submitted to the bank, the bank will ultimately decide whether it is close enough to the asking price. The bank needs to make sure that they are making the most money possible on your home, so that they are not left with a debt in the end. A good offer usually comes $25,000 within the asking price.
Selling to avoid foreclosure will not save your home, but it will not hurt your credit as much as it would if the house went into foreclosure. In return you will be able to purchase something else in the near future once your back on your feet. Speak with your lender or Real Estate agent today to see how you can get started on this process.
Nov
05
I am a Marine, just got stationed at Henderson Hall in Arlington and would like to purchase a foreclosure home in Northern VA area. what screenings do i need to do inorder to get a property at a good deal and avoid any legal complications? Is it best to go to the court house or use web sites like realtytrac.com?
Nov
05
Avoid Foreclosure Orlando – Making Money On Shortsales
Posted by: | CommentsAvoid Foreclosure Orlando – Making Money On Shortsales
Lenders have been doing them for years. However, due to the increase in mortgage delinquency due to our current economic situation, the lenders are now overwhelmed with request for short sales. Bank of America, Chase and Wells Fargo are lenders who have been very slow in their response to short sale request. Chase has indicated that they are still working on request made in June, 2009 and we are now closing in on November, 2009.
What’s a shortsale?
If you own real property and you owe more on your mortgage then the home would appraise for and you have a hardship, then you may be able to short sale your property. A short sale is when the lender is willing to accept less than the full amount you owe.
In order for your lender to consider this option the following must apply: Your property must be listed with a realtor and must have a contract based on the comparables in the area the property is located. Owner must have a financial hardship. financial hardship could occur from divorce, loss of job, pay cut, illness, accident. etc. Owner’s expenses exceed their income, this is considered a hardship. Expenses must be legitimate expenses. One cannot have a $300 dollar a month clothes shopping addiction. Real expenses including; electric, water, rent, insurance, car payments, gas, groceries, health insurance, etc.
Once a financial hardship has been established on behalf of the owner, These required documents that must be submitted to your lender: 1. Bank Statements – Last two months 2. Pay Stubs – Last two pay periods 3. Tax returns for 2008 and 2007 4. W’2s for 2008 and 2007 5. Financial Worksheet
The realtor will provide the following in order to submit to the lender: 1. Listing Agreement 2. Comparables ( active/pending/sold) 3. Listing History 4. Contract offer ( The accepted sales price, should be on or around the current market value) If the contract offer is not acceptable, then the agents should leave the short sale addendum un marked on #5, to allow additional offers to be submitted. But if the original offer submitted is sufficient, this clause should be eliminated.
The Title company will provide: 1. Title search 2. Preliminary Hud 3. Complete Lien search, including: Code Enforcement, Open Permit and Water balance search.
It is highly recommended that a title search and lien search be completed on the property being sold in order to make sure that there are no judgments, liens other than the existing first or second mortgage. If a title search is not completed and a Preliminary HUD -1 Closing Statement is submitted to the lender, which does not reflect other items such as: Code Enforcement liens, Outstanding Water Balances, Open Permits, HOA Liens, Certified Judgments, delinquent real estate taxes, you can get your approval. However, once you have completed your title search and lien search and they show any of the items above, at that point you have to re-negotiate with the lender. In some cases you will not be able to re-negotiate with the lender, so now you have wasted time and energy and you no longer have a deal.
Important Items to consider regarding a short sale: Be careful of large homeowners associations back assessments. Most lenders are not paying the entire amount owed. They are comparing a short sale to a foreclosure in these cases. If a lender proceeds to the foreclosure sale, the lender is, under law, only required to pay a certain portion of the back assessments. This is the rule of thumb to go by, if the property is a condominium, the lender will pay up to 6 months in back assessments, if the property is a single family home, then the lender will pay up to 1 % of the original balance of their mortgage or 12 months of back assessments. Attorney fees are not considered, nor paid for by the lender. In most cases, the HOA will reduce the amount owed to them. However, some HOA’s are taking a stance that they will not accept what the lender is offering and they will kill the deal. Most lenders will only accept individual buyers. Most lenders do not allow; Corporations, LLC, LLP, Land Trust, Trust etc. The property must be purchased by an individual person(s). Not all companies who say they can negotiate a short sale are qualified to do so. Negotiating a short sale or even a loan modification requires a background and experience in mortgage, title and real estate. Most short sale negotiators who have a background in title insurance, mortgage, or even real estate have a better idea of the entire process and what is involved in all areas of the short sale transaction.
GETTING THE SHORT SALE APPROVAL LETTER FROM THE LENDER IS THE EASY PART. PUTTING ALL THE PIECES OF THE PUZZLE TOGETHER: PRICELESS!
If You’re your looking for Short Sale Guidance then look no further. Everything you need to know is HERE Grab a totally unique version of this article from the Uber Article Directory
categories: Real Estate,Shortsale,Florida Shortsale,Jupiter Florida Shortsale,Shortsale assistance,Foreclosure avoidance,Avoid foreclosure,Shortsale,high end shortsale,shortsale realtors,Real Estate Investing,Investing in Real Estate,Investing in short sales
Nov
04
How Do You Avoid Foreclosure?
Posted by: | CommentsAre there other options besides paying off your past due bill?
Nov
04
Avoid Foreclosure Rescue Scams
Posted by: | CommentsAvoid foreclosure being fooled by foreclosure scams. There is no secret that foreclosures are plentiful across the nation and of course there are always a few who try to take advantage of someone else’s misfortune. Before seeking help, learn how to avoid foreclosure rescue scams that mean you no good.
Here are a few scams to be aware of as you try to find a solution to your foreclosure dilemma.
Pay Upfront Scams
Some scammers request that you pay them for free upfront. In exchange for this fee, you are promised a delay in your foreclosure to allow you to pull things together. This is illegal. Companies cannot collect fees before performing a service and should only be paid after you see legitimate results such as new payment structure, refinance, or whatever it is that they have promised you.
In most cases, these companies can charge an upfront fee of $2,500 plus monthly payments. Well, if you had $4,500 to spare, you could work with the bank to pay down your delinquent balance. Many of these companies claim that they can stop foreclosures by finding loopholes in your mortgage agreement. Don’t fall for this.
Transfer Title Scams
Never, ever transfer the title over to a company who claims they can help you avoid foreclosure. They are taking ownership of your property and the chances of you getting it back are slim to none. These types of scammers will tell you that you can buyback your home with lower mortgage payments, but guess what? It doesn’t happen.
When seeking the advice of a foreclosure expert, you only want to deal with established companies who have a proven track record of helping individuals avoid foreclosure. Companies who want you to pay a large amount upfront or have solutions that sound too good to be true are not the type of people you want to deal with. Take advantage of a free consultation to help you decide what your options are and visit: http://www.savemefromforeclosure.com/
to find out more about Avoid foreclosure, take moment and visit us at http://www.savemefromforeclosure.com/
