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short sale: Fannie Mae Takes Aim at Strategic Default - 07/06/10 10:00 PM
The majority of mortgage holders in American can and do pay their note each month. As foreclosures have increased among those who unable to pay, a new class of people who can pay but choose not to, is also increasing in Orlando and everywhere. These strategic defaulters justify abandoning their mortgage because their housing values have shrunk. With no housing inflation in sight, they see default as the best business choice. Knowing that they will take a credit score hit, they may plan for their new life and just stop paying. Some people think this amoral, while banks discourage it. Up … (3 comments)
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short sale: Low Income, High Foreclosure Often the Pattern in Orlando - Part 2 - 02/19/10 09:08 PM
Short Sale versus Foreclosure is the dilemma faced by many disressed homeowners.
If you can prove to your lender that your financial hardship is due to situations beyond your control such as illness, job loss or a death in the family, you may qualify for a short-sale. Short sale is not a quick and easy process, but the common wisdom is that it will not destroy your credit though it will create a few speed bumps that time and effort can overcome as short-sale properties tend to resell with a higher price than a foreclosure.
How much damage a short sale … (5 comments)
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short sale: Low Income, High Foreclosure Often the Pattern in Orlando - Part 1 - 02/13/10 08:47 PM
The media has reported that roughly two thirds of all resale closings in the Orlando metro area are not by realtors, but by bank-owned foreclosures and lender approved short-sales. Old news, you say? But would you be surprised to know that within our housing market there is a huge disparity between the "haves" and "have-nots" when it comes to refinancing and saving people's homes?
Statistics indicate that in lower income Orlando neighborhoods, foreclosures tend to be greater. Here, where the families are primarily ethnic, where the schools have the lowest scores, where crime is the highest, urban blight spreads quickly - … (2 comments)
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short sale: Beat the Foreclosure Clock: Tips for a Quick Sale of your Orlando Home - 07/27/09 06:33 AM
If you are at risk of foreclosure, you still have options. One is to quickly sell your Orlando home before foreclosure. This is a good plan if your realize that you can't afford to stay in your homea and you want to move on. Just because you want to sell it doesn't mean it will happen on your timetable, but as a seller you still have control over a few things that might help it sell more quickly.
First, correct pricing is essential. Keep in mind that regardless of what you paid for the house in different times (or even what … (0 comments)
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short sale: Sweet Orlando Short Sales – Getting Shorter? - 06/30/09 09:59 PM
Short sales offer hope for troubled Orlando homeowners who need to get out from under high payments with dignity. With a short sale, the lender makes an agreement with the homeowner to accept less than what is owed on the home. The owner is sorry to give up the house and the bank is very sorry to take a loss, but both end up winners, of sorts. Short sale is less damaging to the owner's credit record and less costly to the bank than foreclosure. Though a short sale might reduce the owner's credits score, the hit for foreclosure much greater.
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short sale: Avoid Foreclosure in FL - Many Options Await You - 05/21/09 11:34 AM
Let's clear up a misperception. As we encourage troubled homeowners to "avoid foreclosure," we are not assuming that everyone will be able to keep their home. Some people got in far too deep and bought homes far beyond what a person in their income bracket could really afford. When ARMs adjusted or property values plummeted, these people and many others whose homes were more modest find themselves in need of a solution far bigger than anything out there to keep them in their homes. Some borrowers lost their jobs or second income, got divorced, got sick, or ran into other problems.
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short sale: Walking Away From Your Troubled Home - 04/06/09 01:28 PM
If your home is in or near foreclosure and you are still hoping to keep it, the common wisdom is "Don't walk away from it." Lenders and judges at foreclosure hearings are more sympathetic to saving the family home when the family actually lives there. Even if you are thinking of renting the home out for a while till you get in better financial shape so you can resume paying all the costs, you risk having it reclassified as "investment property" rather than your principal residence. Before you pack up for a cheaper rental, make some calls to people who can … (1 comments)
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Janice Petteway
Orlando,
FL
More about me…
Exit Real Estate Results
Address: 365 Wekiva Springs Rd. Suite 151, Longwood, FL, 32779
Office Phone: (407) 788-1226
Email Me
Your Expert for:
Central Florida real estate, Orlando real estate, Orlando home sales, Orange County, Seminole County, short sales, REO homes, bank owned homes, foreclosures, coaching, exit real estate results, extreme results team, real estate ethics, lakefront property specialist, relocation
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