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orlando short sales: NAR urges more short sales, orlando short sales - 09/24/11 09:06 AM
In a letter sent to the US Department of Housing and Urban Development, the Federal Housing Finance Agency, and the US Department of the Treasury, the National Association of Realtors (NAR) responded to the agencies’ recent request for input and offered its recommendations for selling REO properties held by Fannie Mae, Freddie Mac and the Federal Housing Administration. According to NAR, improving access to affordable mortgage financing for qualified home buyers and investors and committing additional resources to loan modifications and short sales will help reduce current and future inventories of real estate owned (REO) properties held by government agencies. NAR … (0 comments)
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orlando short sales: Foreclosure sales slow, but remain very high, Orlando still amongst the top - 05/28/11 08:00 AM
Sales of homes in some stage of foreclosure declined in the first three months of the year, but they still accounted for 28 percent of all home sales — a share nearly six times higher than what it would be in a healthy housing market.
Foreclosure sales, which include homes purchased after they received a notice of default or were repossessed by lenders, hit the highest share of overall sales in a year during the first quarter, foreclosure listing firm RealtyTrac Inc. said Thursday.
"It's an astronomically high number," said Rick Sharga, a senior vice president at RealtyTrac. "In a … (2 comments)
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orlando short sales: Florida Foreclosure Laws - 02/10/11 11:50 AM
Florida carries out foreclosures through court proceedings. The foreclosure process in Florida takes about five months.
Pre-foreclosure Period
A foreclosure in Florida begins when a lender files court action and records a notice of a pending lawsuit (lis pendens) against the borrower. The lender notifies the borrower and any other affected parties in person or in some cases by mail or publication. If the borrower does not respond to the court action within a specified amount of time, the county clerk can find the borrower in default and the lender can ask the court to make a final ruling.
If the … (0 comments)
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orlando short sales: Strategic default risk may increase, Orlando short sales and REO's may rise - 12/31/10 09:13 AM
Home prices are expected to drop another 20% before hitting bottom, according to economists at A. Gary Shilling & Co., raising the risk that 40% of borrowers will walk away from their home in a strategic default.
The firm reported in its December Investment Insight that home prices are already 30% below their peak in the first quarter of 2006 and fell 2% between the second and third quarters of 2010. Essentially, the economists wrote, things will get worse before they get better.
"Housing normally spurs economic growth early in recoveries as this interest rate-sensitive sector responds to earlier rate cuts … (2 comments)
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orlando short sales: Freddie Mac and Fannie Mae lift ban, Look Out Orlando here it comes - 12/01/10 04:16 PM
Freddie Mac and Fannie Mae have lifted the ban on the sale of foreclosed homes, frozen since the document handling fiasco that started nearly two months ago. Freddie Mac sent a memo to agents instructing them to “resume all normal sales activity” while Fannie Mae issued a memo telling agents to “proceed with scheduling and holding the closings” of foreclosed sales.
Fannie Mae also instructed agents to coordinate with appropriate personnel “if a title issue arises with respect to the potential defect of an affidavit used in the underlying foreclosure.” Fannie and Freddie owned nearly 240,000 properties at the end … (0 comments)
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orlando short sales: Florida leads U.S. in serious mortgage delinquencies - 11/22/10 10:53 AM
Florida still leads the nation in the percentage of homeowners who are “seriously delinquent” on their loans, the Mortgage Bankers Association said Thursday.
In the state, 19.52 percent of borrowers were either 90 days past due or in foreclosure in the third quarter. Add in borrowers who are 30 and 60 days late, and nearly one in four Floridians are behind on their loans.
The good news is that Florida’s seriously delinquent rate is down from 20.13 percent in the second quarter. But no other state met Florida’s lofty level of late payers. Nevada was No. 2 at 17.83 percent, while … (1 comments)
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orlando short sales: 31% of defaults could be strategic, Is Orlando Higher? - 11/02/10 09:30 AM
The financial crisis and ensuing recession apparently changed the mindset of Americans toward their homes, turning what long has been the American Dream into just another financial investment.
The result, strategic defaults – people walking away from the property and mortgages not because they have to, but because they can. The key consideration is time, said Jon Maddux, of YouWalkAway.com, which helps people turn their properties back to their banks.
Some experts estimate nearly a third of all mortgage defaults – 31 percent – are of the strategic variety. RealtyTrac reported 2 million foreclosures in September and said one in 371 … (2 comments)
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orlando short sales: FHA Mortgage changes and How it may affect us in Orlando Fl. - 09/23/10 09:01 AM
CHANGE #1
On September 1, 2010, HUD released Mortgagee Letter 2010-28 regarding changes to FHA mortgage insurance premiums.
The letter states that, on August 12, 2010, the President signed into law new legislation which allows HUD to increase the amount of the annual mortgage insurance premiums charged for FHA single family housing mortgage insurance programs. For purchase and refinance transactions, HUD has decided to raise the annual premium which is collected on a monthly basis (the “monthly MI”) and simultaneously lower the upfront mortgage insurance premium (the “MIP” which is typically financed into the loan) “so that FHA is in a … (0 comments)
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orlando short sales: Short Sale Bank of America process update - 10/15/09 10:56 AM
FYI, I received an e-mail today from a BOA negotiator and he says that the process has been updated to process short sales faster. Below is his version of the process. It looks the same to me. But for those of you that didn't know, here it is:
Lastly, please be advised our process has changed in order to provide faster service. There are three different teams who will be handling your file.Front-End (PHASE 1) - Collect all necessary documents and verify that we have a file ready for negotiation. Every investor is different and may require more or fewer … (5 comments)
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orlando short sales: Orlando, Certified Distressed Property Expert, CDPE certified in Short Sales in FLorida specializing in the Orlando area - 09/01/09 12:28 PM
I am very happy and proud to announce that I have completed today ny certification in CDPE.
I have worked and closed dozens of short sales over the past 2 years and this training only enhances what I already know. I feel even more equipped in handling these short sales.
What is a CDPE?
A Certified Distressed Property Expert® (CDPE) is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing … (2 comments)
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orlando short sales: Shopping for an Orlando house? Now is THE Best Time! - 04/16/09 08:23 PM
OK, I'm going out on a limb here!
After more than a year of free-falling sales and prices, Orlando’s battered housing market is getting support from both first-time home buyers and investors taking advantage of record foreclosures and distress sales across the region.Sales and how they work.Orlando area sales.Orlando market, and bankers are saying yes more often to short sales, which spare them the expense of a full-blown foreclosure.
With mortgage-interest rates at record lows and an $8,000 tax credit for buyers who haven't owned a home for at least the past three years, existing-home sales in the region have … (0 comments)
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orlando short sales: Dr. Phillips, Southwest Orange county Orlando Florida home for sale, Phillips cove - 03/27/09 10:11 AM
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orlando short sales: Solivita Short Sale, Pre foreclosure, Kissimmee fl. short sale foreclosure $129,900 - 03/27/09 10:07 AM
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orlando short sales: Kissimmee short sale, coachlight drive $100,000 - 03/27/09 10:03 AM
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orlando short sales: Crystal Falls Way. Orlando Short Sale - 03/27/09 10:00 AM
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orlando short sales: Villagewalk at Lake Nona Home for Sale NOT a Short sale but priceed like one - 03/27/09 09:58 AM
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orlando short sales: Apopka Townhome short sale - 03/27/09 09:52 AM
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orlando short sales: Oxford Moor, Windermere Fl. real estate, home for sale - 03/27/09 09:49 AM
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orlando short sales: Merrick Landing, WIndermere Fl. townhome short sale - 03/27/09 09:44 AM
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orlando short sales: Bellago short sale, Kissimmee short sale, waterfront short sale - 03/27/09 09:40 AM
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Jerry LaRose, Realtor, Short Sale Expert Orlando, Florida Real Estate Short Sales
Orlando,
FL
More about me…
Keller Williams Realty mailto:jerry@jerrylarose.com
Address: Orlando, East Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, , Altamonte Springs, Maitland, Longwood, Apopka, Ocoee, Lake Mary, Sanford,, Orlando, Fl., 32822
Office Phone: (407) 580-7011
Cell Phone: (407) 580-7011
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