UNITYONE.com | Short Sale | Real Estate | Tampa | Florida

Clearwater Short Sale, Commercial Real Estate

UNITYONE.com Short Sale Real Estate and Title, FL (UNITY ONE ) — Sat, 30 Aug 2008 19:23:22 -0500

Florida Mortgage Foreclosure? Contact Information for the Bank's Lawyers

UNITYONE.com Short Sale Real Estate and Title, FL (UNITY ONE ) — Sat, 10 May 2008 12:13:12 -0500

Florida Mortgage Foreclosure? Contact Information for the Bank's Lawyers

Florida Default Law Group
Echevarria, Codilis & Stawiarski
9119 Corporate Lake Dr., Ste. 300
Tampa, FL 33634-2380
Phone: (813) 251-4766
Fax: (813) 251-1541
Est. Employees:135
www.defaultlawfl.com

Law Office of David J. Stern, PA
900 S. Pine Island Road, Suite 400
Plantation, Florida 33324
Phone: (954) 233-8000
Est. Employees:200

Law Offices of Marshall C. Watson, P.A.
1800 N.W. 49th St., Suite 120
Fort Lauderdale, FL 33309
Phone: (954) 453-0365
Toll: 1 (800) 441-2438
Fax: (954) 771-6052
Est. Employees:175
www.Marshall Watson.com
E-mail: info@marshallwatson.com

Shapiro & Fishman, LP
Tampa Office:
10004 N. Dale Mabry Highway Suite 112
Tampa, FL 33618
Phone: (813) 880-8888
Fax: (813) 880-8800
E-mail: inforequests-fl@logs.com
www.logs.com
www.shapiroattorneys.com
Boca Raton Office:
2424 N. Federal Highway, Suite 360
Boca Raton, Florida 33431
Phone: (561) 998-6700
Fax: (561) 998-6707
E-mail: inforequests-fl@logs.com

Smith, Hiatt & Diaz, P.A.
2691 East Oakland Park Blvd Suite 303
Fort Lauderdale, FL 33306
Phone: (954) 564-0071
Fax (954) 564-9252
Est. Employees:40
www.smithhiattdiaz.com

Albertelli Law
Est. Employees:30
www.albertellilaw.com

The Law Offices of Daniel Conseugra
9204 King Palm Drive
Tampa, FL 33619
Phone: (813) 915-8660
Fax: (813) 915-0559
Est. Employees:60
www.consuegralaw.com

Adorno & Yoss
2525 Ponce de Leon Blvd Suite 400
Miami, Florida 33134
Phone: (305) 460-1000
Fax: (305) 460-1422
Est. Employees:250
www.adorno.com

Ben-Ezra and Katz, PA
2901 Stirling Road, Suite 300
Fort Lauderdale, Florida 33312-6525
Phone: (305) 770-4100
Tolll: (888) 238-4100
Fax: (305) 653-2329
Est. Employees:40
www.fcllaw.com

Spear and Hoffman, PA
Dadeland Executive Center
9700 S. Dixie Highway, Suite 610
Miami, FL 33156
Phone: (305) 670-2299
Fax: (305) 670-9503
Est. Employees:50
www.spearhoffman.com

Butler and Hosch, PA
3185 S. Conway Rd., Suite E
Orlando, FL 32812
Phone: (407) 381-5200
Fax: (407) 381-5577
Est. Employees:120

Florida Foreclosure? Contact Loss Mitigation Departmrent

UNITYONE.com Short Sale Real Estate and Title, FL (UNITY ONE ) — Sat, 10 May 2008 12:05:43 -0500

*No direct line to the loss mitigation or loan modification department.

ABM AMRO Mortgage (800) 783-8900
Web: https://www.mortgage.com/C3/application.bus

Accredited Home Lenders (877) 683-4466

AMC Mortgage Services (Also handles loans originated by Ameriquest and Argent) (800) 211-6926
1600 McConnor Parkway
Schaumburg, IL 60173
Web: https://www.myamcloan.com/malwebapp/begin.do

American Home Mortgage Corp. (877) 304-3100*

Ameriquest Mortgage (Debt collection--see AMC Mortgage Services) (800) 211-6926

Aurora Loan Services (Debt collection) (800) 550-0508
By Overnight Mail: 601 5th Avenue, Scottsbluff, NE 69361, Attn: Customer Service
By Regular Mail: P.O. Box 1706, Scottsbluff, NE 69363
E-mail: ccnmail@alservices.com
Web:https://www.alservices.com/Consumer/UI/SSL/Authentication/Login.aspx?ReturnUrl=%2fConsumer%2fUI%2fSSL%2fServ icing%2fDefault.aspx

Avelo Mortgage LLC (866) 992-8356*

Bank of America (800) 846-2222

BB&T Mortgage (800) 827-3722*

AmTrust Bank (aka Ohio Savings Bank) (888) 696-4444

Beneficial (800) 333-5848

Central Pacific Bank (800) 342-8422*

Charter One (800) 234-6002

Chase (800) 548-7912

Loss Mitigation (877) 838-1882 ext 52195 The Number you will be directed to after you give your loan number: (866) 665-7629 (business hours are 11AM-8PM M-TH, 8AM-12PM F)

Chase Home Finance (800) 848-9136 (customer service) (858) 605-2181 (delinquency customer service)

Chase Home Finance-New Jersey (800) 446-8939*

Chase Manhattan Mortgage
(800) 446-8939 (Ohio Servicing Center)
(800) 526-0072 (Florida Servicing Center)
(800) 527-3040 x533 (Florida Servicing Center) Web:https://chaseonline.chase.com/chaseonline/logon/sso_logon.jsp?fromLoc=ALL&LOB=COLLogon

Chevy Chase Bank (800) 933-9100
Web: https://www.chevychasebank.com/htm/payment.html (Payment Addresses)

Citi Financial Mortgage (800) 753-3673

Citimortgage (800) 283-7918

Countrywide (800) 262-4218
Web: https://customers.countrywide.com/se...t_login254.asp

Ditech (800) 852-0656 (800) 449-8582

Downey Financial Corp. (800) 824-6902, ext. 6696

Deutsche Bank National Call Number on Mortgage Statement

EMC (800) 723-3004
P.O. Box 141358
Irving, TX 75014-1358
Web: https://www.emcmortgageservicing.com/ccn/ccnsecurity.asp

EverBank (800) 669-7724 ext. 4730

Equity One (Debt collection) (866) 361-3460

First Horizon Home Loans (800) 489-2966*

Fifth Third Bank (800) 375-1745 Option 3

First Merit Bank (888) 728-9931

Flagstar Bank (800) 968-7700, ext. 9780

Fremont Investment & Loan (866) 484-0291

GMAC Mortgage (800) 850-4622

GreenPoint Mortgage Funding (800) 784-5566, ext. 5383*

Green Tree (877) 816-9125

Homecomings Financial (800) 850-4622*

HomeEq Mortgage Servicing ( Debt collection) (866) 822-1471

Household Finance (A HSBC Co.) (800) 333-5848

Household Mortgage (800) 333-4489

HSBC Mortgage (800) 338-6441
Default Resolution Team (if long term problem)
2929 Walden Avenue
Depew, NY 14043
(888) 648-3124 Loss Mit
(732) 352-7519 Fax
Web: http://us.hsbc.com/personal/mortgage/existing/difficulties.asp

Huntington National Bank (800) 323-4695

Indymac Bank (877) 736-5556
C/O Loan Resolution Department
P.O Box 7014
Pasadena, CA 91107
(Monday - Friday 6:15am-7:15pm. (Pacific Time)
Web: https://www.indymacbank.com/contactus/loanResolution.asp

Irwin Mortgage (888) 218-1988
P.O Box 7014
Pasadena, CA 91107
Web:https://www.irwinmortgage.com/wps/portal/!ut/p/cxml/04_Sj9SPykssy0xPLMnMz0vM0Y_QjzKLN4g3sdAvyHZUBAAqwx 9c
E-mail: deliquency.prevention@irwinmortgage.com

James B. Nutter & Company (800) 315-7334

Key Bank (800) 422-2442

LaSalle National Bank (800) 783-8900

Litton Loan Servicing (800) 999-8501 or (800) 548-8665
Fax (713) 966-8820
4828 Loop Central Drive
Houston, Texas 77081-2226
Web: https://www.littonloan.com/index.asp

Loss Mitigation Department Hours: Monday Eastern: 9 a.m. - 7 p.m. Central:8 a.m. - 6 p.m. Mountain:7 a.m. - 5 p.m. Pacific:6 a.m. - 4 p.m.; Tuesday-Thursday Eastern:9 a.m. - 9 p.m. Central:8 a.m. - 8 p.m. Mountain:7 a.m. - 7 p.m. Pacific:6 a.m. - 6 p.m.; Friday Eastern:10 a.m. - 6 p.m. Central:9 a.m. - 5 p.m. Mountain:8 a.m. - 4 p.m. Pacific:7 a.m. - 3 p.m.; Default Counseling Department representatives are also available most weekends on Saturday from 8 a.m. to 12 p.m. and Sunday from 10 a.m. to 2 p.m. (CST).

Midland Mortgage (800) 552-3000 or (800) 654-4566
Web: https://www.mymidlandmortgage.com/MyMortgage/Login/Login.asp

Mortgage Lenders Network (800) 691-0129
Web: http://www.mlnusa.com/customers/info_credithelp.asp
E-mail: customerservice@mlnusa.com

Mortgage Electronic Registration Systems (MERS) (888) 679-6377

National City (800) 367-9305, Ext. 53221 or (800) 523-8654
Attention: Homeowner's Assistance, 3232 Newmark Dr.
Miamisburg, Ohio 45342
(8AM-10:30PM ET, Monday - Thursday)
(8AM-5PM ET, Friday)
(8AM-Noon, Saturday)
Web: http://www.nationalcitymortgage.com/service_assistance.asp

Nationwide Advantage Mortgage Company (800) 356-3442, ext. 6002*

NationStar Mortgage (888) 850-9398* Press 0 for operator

New Century Financial Now Carrington Mortgage Services (800) 790-9502 or (877) 206-9904; (6:00 a.m. to 7:00 p.m. Pacific Time, Monday - Thursday); (6:00 a.m. to 6:00 p.m. Pacific Time, Friday)
Web: https://myloan.newcentury.com/webapps/servicing/myloans/index.do

NovaStar Mortgage Loan Resolution Department (888) 743-0774 Non-English: (888) 743-0774, ext. 4523

Ocwen Federal Bank (800) 746-2936 or (877) 596-8560
Web: http://www.ocwencustomers.com/csc_fa.cfm
Attention: Financial Information
12650 Ingenuity Drive, Orlando, Florida 32826;
or
Ocwen Financial Corporation, 1661 Worthington Rd., Suite 100
West Palm Beach, Florida 33409
Phone: 877-226-2936
For serving Ocwen with legal process, please send to their registered agent:
Corporation Service Company
2711 Centerville Road, Suite 400
Wilmington, DE 19808
Phone: 561-682-8000, x8386

Option One (866) 711-1962 or (888) 275-2648
Web: http://www.oomc.com/servicing/servicing_baifaqs.asp

PHH Mortgage (Formerly Cendant) (800) 257-0460
For borrowers facing possible delinquency: (800) 330-0423*
For borrowers in the foreclosure process: (800) 750-2518
Web:https://www.phhmortgage.com/sso/mq/login.jsp?TYPE=33554433&REALMOID=06-9153316d-cf4d-4425-a5d7-c0b20a7b098d&GUID=&SMAUTHREASON=0&METHOD=GET&SMAGE NTNAME=phhmort-stb&TARGET=$SM$https%3a%2f%2fwww%2ephhmortgage%2ec om%2fhome%2flandscape%3fjpid%3dLogIn%26loginmode%3 dregistered&SMSESSION=NO

ResMae Mortgage Corp. (877) 473-7623, ext. 5944

Saxon (800) 665-7367

Select Portfolio Servicing (888) 818-6032
Fax: (801) 293-3936
Loan Resolution Department
P.O. Box 65250
Salt Lake City, UT 84165-0250
(Monday - Thursday 10:00 a.m. - 10:00 p.m. EST)
(Friday 10:00 a.m. - 7:00 p.m. EST)
(Saturday 9:00 a.m. - 1:00 p.m. EST)
Web: http://www.spservicing.com/services/customer/loanresolution.htm

SkyBank (800) 290-3359

Sun Trust Mortgage (800) 634-7928
PO Box 26149
Richmond, VA 23260-6149
Mail Code RVW 3003
Web: https://www.suntrustmortgage.com/generalquestions.asp

Third Federal Savings (888) 844-7333

US Bank (800) 365-7900

Wachovia Bank of Delaware (866) 642-8608

Washington Mutual (866) 926-8937 or (888) 453-3102 or (800) 478-0036 or (800) 254-3677

Waterfirld Mortgage (800) 957-7245
Fax: (260) 459-5390
c/o Loss Mitigation Dept., 7500 W. Jefferson Blvd., Fort Wayne, IN 46804
(7 am - 10 pm EST Monday - Thursday)
(7 am - 9 pm EST Fridays)
(8 am - 2 pm EST Saturdays)
Web:http://www.waterfield.com/scripts/cgiip.exe/WService=wfg/pub/borrowerservices/delqasst

E-Mail: saveyourhome@waterfield.com

Wells Fargo (877) 216-8448 or (866) 261-5642 or (800)766-0987 or (800) 678-7986 for payment assistance
Borrower Counseling Services
Monday - Friday 8:00 a.m. - 9:00 p.m., CT
Saturday 9:00 a.m. - 2:00 p.m., CT
Web: https://www.wellsfargo.com/mortgage/account/

Wendover Financial Services Corporation (800) 934-1081 or (800) 436-1022
Web: http://www.wendover.com/borrowers.html

Wilshire Credit Corporation (888) 502-0100
P.O. Box 8517
Portland, OR 97207-8517
From 6 a.m. to 5 p.m. (Pacific time) Monday through Friday
Web: http://www.wfsg.com/borrower/borrower.aspx

Loan Modification & Loan Workout Applications

Chase Loan Modification Application

Option One Loan Modification Application

HSBC Online Loan Modification Application

UNITYONE.com | Florida Foreclosure and Short Sales | International News

UNITYONE.com Short Sale Real Estate and Title, FL (UNITY ONE ) — Fri, 15 Feb 2008 18:15:34 -0600

Aftenposten "Eveing Post", January 26, 2008

UNITY ONE made international news when interviewed by Norwegian reporter John Hultgren. Mr Hultgren was here to report on Florida's sliding economy and housing market which has resulted in the recent increases in mortgage foreclosures and the unemployment rate.

The Aftenposten (the 'Evening Post") is Norway's second largest newspaper (after Verdens Gang) with a circulation of 256,600 for the morning edition, 155,400 for the separate evening edition and 232,900 for the Sunday edition (2003). With a long tradition of serious journalism, the paper was long considered the leading Norwegian newspaper. Strong competition in a shrinking market has made the paper opt for a broader appeal, however, as signified by the conversion from broadsheet to tabloid format in 2005. The Aftenposten's two main competitors are the Oslo tabloids VG and Dagbladet. The Aftenpostenis a private company wholly owned by the public company Schibsted ASA. The Aftenposten has approximately 740 employees (2005).

The Aftenposten is published in Riksmål, an unofficial, but widely used, conservative form of the Norwegian language that is closer to its Danish roots than the Bokmål standard, which sometimes incorporates controversial elements from Nynorsk. In 1990, Aftenposten adopted the updated Riksmål spelling standard of 1986. The online version of the paper has a large English section, and is one of the favourite sources for Norwegian news in English.

The actual article has not been translated into English as of the date of this release, but can be viewed by clicking here.

St. Pete Times Article on Short Sale Real Estate and Debt Forgiveness

UNITYONE.com Short Sale Real Estate and Title, FL (UNITY ONE ) — Sun, 06 Jan 2008 22:05:46 -0600

Law erases penalty in debt forgiveness
By Helen Huntley, St. Pete Times Personal Finance Editor
Published January 6, 2008

ST. PETE-Homeowners whose mortgage lenders allow them to walk away from their debt got a big break from the new Tax Increase Prevention Act just passed by Congress. Under the old law, debt forgiveness was considered taxable income in many cases - pretty painful stuff when the reason you couldn't pay your mortgage was because you didn't have the cash.

"This is much needed," said Scott Stamatakis, an owner of UNITY ONE, a Tampa real estate company that specializes in "short sales," deals in which desperate homeowners sell property for less than what they owe on the mortgages to short circuit foreclosure proceedings. For the deal to close, the lender has to agree to accept the buyer's bid as payment for the mortgage. These situations have become more common as real estate prices have dropped.

"It's almost an insult for a person to be in a financial bind such as foreclosure and then, when it's over, not only did they lose the house but there's an extra $50,000 to $100,000 income they have to report. It's like being kicked when you're down."

Stamatakis said lenders typically have written off the remaining debt rather than chasing the borrower for the deficiency. The result was taxable income for borrowers unless they could show they were insolvent at the time. But if they had a positive net worth (what they owned was worth more than what they owed), they were out of luck.

UNITYONE.com

UNITYONE.com Short Sale Real Estate and Title, FL (UNITY ONE ) — Sat, 29 Dec 2007 20:38:53 -0600

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A Foreclosure Buyer's Guide to Property Repairs

UNITYONE.com Short Sale Real Estate and Title, FL (UNITY ONE ) — Sat, 01 Dec 2007 14:55:36 -0600

A Foreclosure Buyer's Guide to Property Repairs
By Rick Sharga, Vice President of Marketing for RealtyTrac

One of the most overlooked and underestimated expenses involved in the purchase of a home is the cost of repairs. Whether the problem is a defective part in an appliance, a structural problem overlooked by the home inspector or just Murphy's Law making its presence felt, it's rarely the case that someone can buy a property and move in without spending at least a few dollars to fix, repair or replace something.

While these types of expenses are generally minimal in new homes and well-kept resale properties, they can be fairly significant when the home in question is a foreclosure property.

As housing prices have escalated over the past few years, more and more people have started to look at foreclosure properties as an affordable alternative to more traditional real estate purchases. It's not unusual for a buyer to acquire a foreclosure property for 10 - 20% less than full market value, and sometimes at much more dramatic discounts of 40 - 50% or more. And online sources such as RealtyTrac make it easier than ever to find foreclosure properties. But while the savings possible on foreclosure properties are real-and really attractive-there are sometimes hidden costs involved.

One of these hidden costs is the cost of repairs. Foreclosure properties come in all shapes and sizes-from run-down mobile homes to palatial estates overlooking the ocean. But they all have at least one thing in common: their owner was in some state of financial difficulty. Generally, this means that a property in foreclosure may not have been kept up as well as a home buyer might like. It's nearly a certainty that the typical foreclosure property hasn't benefited from the type of pre-sales "fix-ups" that many homeowners perform to increase the sales price of their homes. And, as a rule, most foreclosure properties are offered "as is," leaving it up to the buyer to find anything physically wrong with the property.

Is it worth saving 1% on a home purchase if it means doing extensive repairs? Probably not, for most people. On the other hand, saving $20,000 on the purchase may make it worth your while to invest in home repairs.

Determining the degree of disrepair can be something of a challenge as well. Early in the foreclosure process, when an owner is in Notice of Default (NOD), he or she may not be interested in discussing the sale of the home, making it impossible to do a thorough inspection. At the auction, or Notice of Trustee Sale (NTS) phase, bidders are generally required to buy the property as is, at the courthouse. And once the home has been foreclosed on by the bank, becoming a Real Estate Owned (REO) property, arrangements to inspect the property often need to be made with the lender.

"Foreclosure properties certainly present an attractive bargain, and often the amount of money needed to repair a foreclosure home is inconsequential compared to the possible savings. In fact, many successful investors have made a career buying, rehabbing and then selling these types of properties at a significant profit," says Jim Saccacio, chief executive officer for RealtyTrac, the leading online marketplace for foreclosure properties. "But buyers do need to be diligent about determining the repair costs that will be incurred after the purchase. A property isn't really a bargain if the cost of repairs equals or outweighs the savings on the purchase."

Many investors routinely budget 10% of the purchase price of a foreclosure home for repairs. In a typical scenario, where a property with an estimated market value of $150,000 might be sold during the foreclosure process for $120,000-a 20% discount-that would amount to a repair budget of $12,000. In this scenario, the homebuyer still saves $18,000 on the purchase price, and likely increases the value of the home by doing the repairs. Each property, and each situation, is different. But it's important to note that a difference of 10% in either the discount or repair costs would dramatically alter the financial outcome.

Example 1
Estimated Value: $150,000
20% Discount: $ 30,000
Purchase Price: $120,000
10% Repair Budget: $ 12,000
Total Cost: $132,000
Total Savings: $ 18,000

Example 2
Estimated Value: $150,000
10% Discount: $ 15,000
Purchase Price: $135,000
10% Repair Budget: $ 13,500
Total Cost: $148,500
Total Savings: $ 1,500

Example 3
Estimated Value: $150,000
20% Discount: $ 30,000
Purchase Price: $120,000
20% Repair Budget: $ 24,000
Total Cost: $144,000
Total Savings: $ 6,000

If you're interested in buying a foreclosure property, the following tips should help ensure that you'll really get your money's worth.

1. Physically Inspect the Property
It's imperative to physically inspect the property if at all possible. In some cases, such as auctions, there is little or no possibility of an inspection. However, if you are able to negotiate a deal with the property owner directly during NOD, or pre-foreclosure, it may be possible to set up a walk-through prior to conducting the sale. During the pre-foreclosure period, the owner has a chance to sell the property or pay off the amount owed before the property is sold at public auction or repossessed by the bank. You'll also be able to set up a physical inspection if you purchase the property directly from the foreclosing bank after the property has been repossessed. You can locate pre-foreclosures, auctions and bank-owned properties by checking with the local recorder's office or through online services like RealtyTrac, which maintains the nation's largest database of foreclosure properties.

If you're not able to physically inspect the inside of the property, assess the property's condition as much as possible by driving by and looking at the exterior. Add extra padding into your repair budget for unexpected problems. When there is no physical inspection of the interior, most experts recommend that you cap your purchase price at no more than 70% of the property's estimated market value. You can determine a property's estimated market value using Comparable Sales, which are available through MLS listing from your real estate agent or online through RealtyTrac.

You should never assume the property is in move-in shape simply because the owner says it is. Even if the home owner is being completely honest, he or she probably isn't as accurate or objective in assessing the condition of the home as most real estate professionals would be. And an owner may be completely unaware of a major problem with the home. The bottom line is that you need to do your own research and be as thorough as possible.

It's wise to hire a professional inspector to come along with you. The trained eye of a professional inspector is priceless in this case because, regardless of how diligent you are in previewing the property yourself, you will undoubtedly miss items an inspector would catch. Make sure the inspector checks the electrical wiring and moisture levels, as well as asbestos, lead and carbon monoxide levels, especially in homes built prior to the 1990s.

2. Note Every Detail that Needs to be Fixed and the Estimated Cost for Each Repair
Have your inspector provide a list of all necessary repairs and, if possible, a ballpark estimate for what each of the repairs might cost. You can also ask the inspector for professional referrals for each individual problem area (roofing, plumbing, etc.). You can check with those professionals for approximate costs. Either way, you'll know the true cost of the property you are buying.

If you find that your repair list is quite lengthy, you may want to reconsider whether the property is actually worth purchasing. If you're dealing with home owners in default, you can't expect them to have the resources to pay for any repairs before they sell the house, but you can use the cost of repairs to negotiate a lower purchase price. That's why it's imperative that you accurately document every single repair cost.

If you buy a bank-owned property, the bank will have the resources to make repairs, but they will roll their repair costs into the price of the house. And the bank may not be as motivated as you to get the best prices for the necessary repair work. If you want the best bargain, you're often better off agreeing to buy the house "as is" from the bank.

3. Distinguish Between Cosmetic and Structural Repairs
While you may be completely correct that the property could use a new coat of paint and some fresh carpeting, your first concerns should be structural. For most people, this can be tough because it's inherently difficult to look beyond a home's aesthetic appeal when deciding whether or not to purchase it. Beyond that, most people don't really know how to determine the structural integrity of a property, unless the defect is so obvious that the home probably shouldn't even be considered for a purchase. This is yet another reason why it's imperative to hire the services of a professional inspector: to keep you on task when determining what repairs the property actually needs to make it suitable for living.

Critical Items to Look for in a Home Inspection:
Evidence of pests such as termites.
Water damage such as flaking or rippled paint, stains or musty smells.
Dry rot, a fungus that causes wood to become brittle and crumble.
Faulty plumbing such as non-operational taps and toilets or signs of rust in the water.
Old and outdated electrical wiring like knob and tube, which are fire hazards.

Especially with older properties, another point to consider is that homes do require a certain amount of ongoing maintenance. It's expected that any home will at some point need a new roof or appliances. Don't let this cloud your judgment or turn you off. Instead, focus on signs of necessary repair such as leaks in the roof or other damage. Make sure all appliances are at least in working order and not emitting dangerous fumes. Overall, you should be more concerned with damage than age.

This is not to say that cosmetic repairs shouldn't be taken into consideration. However, they should be prioritized properly, so that any repairs that make the property safe and livable are taken care of first. Your goal should be to prioritize a list of repairs from most to least crucial. You can use the information for negotiation and keep yourself on track for what should be handled first when you purchase the property.

The bottom line: know what your priorities are. Remember, while that gold-colored crown molding might be an eyesore, replacing it won't make you sleep any better on a rainy night under a leaky roof.

4. Get as Much Information from the Owner as Possible about the Property's History
Aside from the tips mentioned, it's a good idea to get some history on any home you are thinking about buying. Actually talking with the owner of a property about what has been done to it over time is a great way to learn about potential flaws or concerns to look out for. You should ask what repairs have been made and when, as well as whether any structural changes have been made and whether these changes were permitted under the local building codes. Inquire whether the seller has paperwork to back up repairs that have been made. This information may alleviate suspicions you have about repairs that have supposedly been made and may also be helpful when applying for home insurance for the property.

Of course, you'll only have the opportunity to talk with the owner if you're purchasing pre-foreclosure. If you buy at the auction or from the bank, you're buying from a third party who has no knowledge about the history of the property.

It's important to estimate the cost of repairs when you purchase a foreclosure property, but your strategy for estimating those costs will vary depending on the status of foreclosure. You'll usually have the most accurate estimate when you buy directly from the owner during pre-foreclosure because you'll be able to conduct a complete physical inspection and find out information about the property's history from the owner.

If you buy a bank-owned property, you'll still be able to perform a complete physical inspection, but you should allow for a little extra room in your repairs budget because you won't be able to find out about the property's history. You'll need to pad your repairs budget even more if you purchase a property at public auction, where you usually won't be able to physically inspect the inside of the property.

When you properly account for the repair costs when buying a foreclosure, you're much more likely to realize a great bargain on your next home or investment property.

Real Estate, Market Conditions, For Sale, For Rent/Lease, Open Houses, Announcements, Events, Technology, Industry, Point2, Product Reviews, Finances, Buyer Information, Seller Information, Community Information, Short Sales

Truthful Lending in Florida

UNITYONE.com Short Sale Real Estate and Title, FL (UNITY ONE ) — Fri, 30 Nov 2007 23:46:51 -0600

The Truth In Lending Act ("TILA"), and the Real Estate Settlement Procedures Act ("RESPA") are violated daily by lenders and predatory lending victims are everywhere. These laws are in place to protect you, the homeowner, but yet are often completely disregarded. Your loan is probably unlawful, and you may be entitled to substantial damages whether or not you're currently in foreclosure.

The federal Truth in Lending Act (15 U.S.C. §§ 1601-1667f, as amended),
was originally enacted by Congress in 1968 as a part of the Consumer Protection Act. The law is designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. The Truth In Lending Act is designed to reduce confusion among consumers resulting from the different methods of computing interest and prevent fraud, deception and unfair business practices. It does not require creditors to calculate their credit charges in any particular way. However, whatever alternative they use, they must disclose certain basic information so that the consumer can understand exactly what the credit costs. The Truth in Lending Act is implemented by the Federal Reserve Board. Regulation Z explains that lenders must comply with the consumer credit parts of the law.

Regulation Z: applies to offers or extensions of consumer credit if four conditions are met:

· The credit is offered to consumers.

· Credit is offered on a regular basis.

· The credit is subject to a finance charge (i.e. interest) or must be paid in more than four installments according to a written agreement.

· The credit is primarily for personal, family or household purposes. If credit is extended to business, commercial or agricultural purposes, Regulation Z does not apply.

Home Mortgages: One of the biggest lending transactions any individual is likely to enter is borrowing to purchase a home. These transactions have become more complicated in recent years. Historically, someone trying to buy a home had very few options. Often, only a traditional thirty year loan was available. Now, loans of various duration and interest rate variations are available to every home buyer. The Federal Reserve Board and the Federal Home Loan Bank Board have published a book entitled "Consumer Handbook on Adjustable Rate Mortgages " to help consumers understand the purpose and uses of adjustable rate mortgage loans. Regulation Z requires that creditors offering adjustable rate mortgage loans make a special disclosure booklet available to consumers.

Disclosure: Disclosure is generally required before credit is extended. In certain cases, it must also be made in periodic billing statements. The term "closed end credit transaction" is defined by exclusion. That is, it includes any credit arrangement (either a consumer loan or credit sale) that does not fall within the definition of an "open end credit transaction". Open end credit includes credit arrangements like revolving credit cards, where the "borrower" (that is the credit card holder) is not required to pay off the principal amount by any particular point in time. Rather, the borrower is simply charged interest periodically and is usually required only to make some minimum payment. Uder Regulation Z, disclosure must be made of the following important credit terms:

· Finance Charge - This is perhaps the most important disclosure made. This is the amount charged to the consumer for the credit.

· Annual Percentage Rate - This is the measure of the cost of the credit which must be disclosed on a yearly basis. The method for calculating this rate is determined the underlying transaction.

· Amount Financed - This the amount that is being borrowed in a consumer loan transaction, or the amount of the sale price in a credit sale.

· Total of Payments - This includes the total amount of the periodic payments by the borrower/buyer.

· Total Sales Price - This is the total cost of the purchase on credit, including the down payment and periodic payments.

Disclosures must be clear and conspicuous and must appear on a document that the consumer may keep. Evidence of compliance with the Truth In Lending requirements must be retained for at least two years after the date of disclosure.

Other Features of the Truth in Lending Act: The Truth In Lending Act has other important features. If you elect to advertise credit terms, the law requires disclosure of key lending terms. Also, the law entitles the consumer the right to rescind certain credit transactions under certain circumstances, such as home equity loans.

The penalties for failure to comply with the Truth In Lending Act can be substantial. A creditor who violates the disclosure requirements may be sued for twice the amount of the total finance charge on the loan. In the case of a home mortgage, this can be a very significant amount. Costs and attorney's fees may also be awarded to the consumer. A lawsuit must be begun by the consumer within a year of the violation, but certain tolling provisions apply giving the consumer more time.

These laws are in place to protect you, the homeowner, the American people, but yet some mortgage brokers and lenders act as if it's the wild, wild west. You need to become educated and take the law into your own hands or hire a lawyer.
Were you placed in a mortgage that wasn't what you thought it was? Are you in a negative amortization loan? Did you get the switch and bait? Do you think you might be the victim of predatory lending? If you are in foreclosure, the Truth In Lending Act can stop the foreclosure process immediately. If your a victim then don't be a victim twice and let them take your home. Fight for your rights.

Truthful Lending in Florida

UNITYONE.com Short Sale Real Estate and Title, FL (UNITY ONE ) — Fri, 30 Nov 2007 23:46:37 -0600

· The credit is offered to consumers.

· Credit is offered on a regular basis.

· The credit is subject to a finance charge (i.e. interest) or must be paid in more than four installments according to a written agreement.

· The credit is primarily for personal, family or household purposes. If credit is extended to business, commercial or agricultural purposes, Regulation Z does not apply.

· Finance Charge - This is perhaps the most important disclosure made. This is the amount charged to the consumer for the credit.

· Annual Percentage Rate - This is the measure of the cost of the credit which must be disclosed on a yearly basis. The method for calculating this rate is determined the underlying transaction.

· Amount Financed - This the amount that is being borrowed in a consumer loan transaction, or the amount of the sale price in a credit sale.

· Total of Payments - This includes the total amount of the periodic payments by the borrower/buyer.

· Total Sales Price - This is the total cost of the purchase on credit, including the down payment and periodic payments.

Florida Mortgage Foreclosure?

UNITYONE.com Short Sale Real Estate and Title, FL (UNITY ONE ) — Tue, 27 Nov 2007 20:53:30 -0600

Lender at Fault? Insurance Company? Tax Collector? Property Appraiser?

Foreclosure rates in the State of Florida continue to increase. The lenders are not always correct in the numerous avenues of legal compliance that they must abide by for each and every single real estate closing. Florida is a judicial foreclosure state, which means that a civil action must be commenced in order to foreclose upon a delinquent loan. The lender will file a law suit against the delinquent borrower and seek to involuntarily force the sale of the borrower's home or real estate at a public auction to the highest bidder present on that day. The proceeds of the sale will be delivered to the lender to pay all remaining amounts owed on the delinquent mortgage. If there are no bids at the foreclosure sale, the lender will be permitted to take title to the property or home, at which time, the lender will attempt to sell the home or real estate on the open market to recover its mortgage debt. Below, is a brief outline of the time frames in which you can expect the foreclosure law suit to proceed.

Day 1

Day 20-30

Days 90-120

Days 120-150

Complaint-Filed and served on borrower

Borrower's Answer to the Complaint is due- Borrower will be defaulted for not responding in writing to the Complaint NOTE: It is absolutely imperative that you act before the Court enters a default. Do not ignore the Complaint.

Judgment Hearing-Judge will grant the lender a foreclosure judgment and set a sale date usually 30 days out.

Foreclosure Sale-The home or property will be sold to the highest bidder at a public auction.

I am in foreclosure, what options do I have?
There are many options for you to pursue during the pre-foreclosure and foreclosure process. Below is a list of such possible options.

Do Nothing
Reinstatement Plan
Repayment Plan
Loan Modification/Loan Restructuring
Loan Refinance
Loan Forbearance
Assumption
Partial Claim
Pre-Foreclosure Sales
Short Sales
Deed-in-Lieu of Foreclosure
Bankruptcy

Florida Lenders, Stop Foreclosing your Mortgage!

UNITYONE.com Short Sale Real Estate and Title, FL (UNITY ONE ) — Sun, 25 Nov 2007 11:41:14 -0600

Florida lenders, keep foreclosing your mortgages, and you will become Florida landlords. Then you may understand that the values in the Florida real estate market have spiraled downwards, and will likely continue to do so further over the next 4-6 years. Send your own appraiser or realtor out to value the property for yourself. Then maybe you will understand some of the fear and concerns that Florida consumers are currently facing.

Please look at the current actual value of your property, and not just the current unpaid principal balance of your loan. Please also keep in mind that as you continue your foreclosure, you will also continue to add on additional losses on top of your unpaid principal balance couple with the simultaneous depreciation of your property.

The Buffalo News, May 7th, 2007

Freddie Mac Says Typical Foreclosure Costs 60,000 Dollars

According to one of Americas leading mortgage financier Freddie Mac, the typical foreclosure cost is nearly $60,000. And officials at HSBC North America, parent of HSBC Bank USA, HSBC Mortgage Corp. and HSBC Finance Corp., say their average loss on sale at foreclosure is 20 percent to 25 percent of the loan's value. "We truly believe that foreclosure is the worst alternative for all parties concerned and go to great lengths to avoid foreclosure," Brendan McDonagh, CEO of Illinois-based HSBC Finance and former chief operating officer of HSBC Bank USA in Buffalo, said in March testimony to Congress. "Financially, it is our worst alternative."

Please also keep in mind that it is hard to even find buyers right now at the current market price for real estate in Florida. We have found this to be the case for a number of different reasons. First, is that a high percentage of would be Florida home buyers, already did so 3-5 years ago. These same consumers are either in foreclosure, happy with their current situation or can't afford to get out of it. Second, it is just much harder to get loans right now in Florida. The collapse of the subprime market, coupled with the more stringent requirements of a prime lender, has greatly reduced the number of candidates for buyers. Third, homeowner's insurance rates have increased by 400-500% in some cases. This drastic increase is largely due to the large mount of property damage caused by the wave of hurricanes that came through Florida in the past few years. Fourth, the taxable values at the real estate property appraiser's offices may not truly reflect the current actual value of your property, as such values are often based on market conditions and transactions took place 1-3 years ago, even though current appraisals show a drastic reduction in property values. As a result, these higher taxable values have increased your borrower's current annual tax liability, but have at the same time decreased your loan to value ratio. Many Florida consumers are being forced to try and file appeals on these increased values, but are not always successful. Fifth, Florida's housing market is overstocked with inventory, and you loaned money on a condo, for right now you may have to forget about selling it altogether. Florida's condo market is saturated with overstocked inventory. Lastly, we want to say it again here if you missed it earlier, the current actual value of your property has decreased dramatically.

Short Sale to Avoid Mortgage Foreclosure in FL!

UNITYONE.com Short Sale Real Estate and Title, FL (UNITY ONE ) — Fri, 23 Nov 2007 19:05:12 -0600

If the real estate has no equity, a homeowner may still be able to avoid a Florida mortgage foreclosure judgment by listing the real estate with us for a preforeclosure or short sale. A short sale in real estate occurs when the outstanding loan balance against a property is greater than what the property can be sold for at fair market value. If a borrower owes more than the home is worth, or has very little equity in the home, it may be time for a short sale in order to avoid a Florida mortgage foreclosure judgment.

From the bank or lender's perspective, short sales save many of the costs associated with a Florida mortgage foreclosure lawsuit, such as attorney or lawyer fees, the eviction process, delays from the homeowner or borrower, delays from bankruptcy, damage to the property, as well as the cost associated with maintaining the property just to name a few. Banks and lenders know they could lose substantially more if the property goes all the way to auction, so it is sometimes better to sell the real estate now at its fair market value and get rid of a non-performing asset. Therefore, a bank or lender may sometimes decide to accept less than the full amount of a borrower's loan balance in certain situations. In turn, this provides the homeowner and borrower an opportunity to avoid or minimize the damaging affects of a mortgage foreclosure lawsuit.

Finally, some help for the borrowers!

UNITYONE.com Short Sale Real Estate and Title, FL (UNITY ONE ) — Fri, 23 Nov 2007 18:49:22 -0600

A federal judge in Ohio has ruled against a longstanding foreclosure practice, potentially creating an obstacle for lenders trying to reclaim properties from troubled borrowers and raising questions about the legal standing of investors in mortgage securities pools.

Florida Foreclosure Short Sales?

UNITYONE.com Short Sale Real Estate and Title, FL (UNITY ONE ) — Sat, 22 Sep 2007 10:29:27 -0500

Does anyone agent out there have the contact information for the main loss mitigation supervisor for Countrywide in the State of Florida, Tampa Metro area? Thanks.