fha: Ruskin Florida Short Sale Success With Bank Of America FHA
- 01/07/13 12:27 AM
Tutas Towne Realty and Bryant Tutas just had another successful Ruskin Florida Short Sale closing with Bank of America. This was a FHA Pre Foreclosure Sale. The property: Primary Residence. 3 bedroom 2 bath single family home located in Ruskin Florida. This home has 1,624 sq ft of living area and was built in 1985. It was purchased in 2006 for $215,000. It Sold 12/24/2012 for $107,500. That's a decline in value of 50% in 6 years. Liens: 1st Mortgage with Bank of America for $203,000 Hardship: Decrease in income. Medical. Summary: Tutas Towne Realty placed the property … (2 comments)
fha: Wells Fargo FHA Short Sale Success In Clermont Florida
- 04/15/12 10:58 PM
Tutas Towne Realty and Bryant Tutas just had another successful Clermont Florida Short Sale with Wells Fargo. This was a FHA Pre Foreclosure Sale. The property: Primary Residence. 3 bedroom 2 bath single family home located in the Savannas in Clermont Florida. This home has 1,848 sq ft of living area and was built in 1999. It was purchased new in Septemebr of 1999 for $114,900. It Sold 4/6/2012 for $87,500. That's a decline in value of 23% in 13 years. This property was never refinanced and had the original 13 year old mortgage. Yet still......underwater. Liens: 1st Mortgage with … (5 comments)
fha: Not All Short Sales Are Pre-foreclosures
- 03/04/11 12:36 AM
Did you know that? It seems many folks don't. If they did they wouldn't tell me "Your Seller needs to accept my low offer because it's better then being foreclosed on". Pre-foreclosure means a Notice of Default has been filed. Payments haven't been made and the loan is in default. Foreclosure is imminent. There are many Short Sales on the market where this is not the case. Being in default IS a requirement on some Short Sales but not all. For example: FHA requires the borrower to be 31 days delinquent at time of closing on the PFS (Pre Foreclosure … (11 comments)
fha: Beware of HOA Estoppel Letters and Attorneys Holding Them Hostage!
- 09/22/10 11:17 AM
Hi folks. I'm pretty cool, calm and collected when it comes to dealing with Short Sale issues BUT.......today I'm really pissed!! In a nutshell, I have been working on getting a FHA short sale approved for about 10 months now. We lost the first Buyer because the 2nd mortgage, PNC Bank, would not budge from wanting $6,200 to remove the lien so we could close. Normally this wouldn't be a big deal except in this case we were dealing with an FHA Pre-Foreclosure Sale (PFS). When it comes to junior liens this is what the FHA guidelines state:
Basically what … (16 comments)
fha: Do I Need a Hardship to do a Short Sale?
- 08/13/10 11:26 AM
Well that's a good question. What do you think? Most folks would probably answer this question with a resounding YES! But...what if I told you the answer is "No....you don't necessarily need a hardship to qualify for a Short Sale. You may be able to do a Strategic Short Sale". Heck, big business and lenders do them all the time. One reason lenders/investors may approve the Strategic Short Sale is that the hardship in no way changes the financial outcome of the Short Sale for the lender. The numbers are still the same. In fact, the numbers may even be … (48 comments)
fha: Subprime Mortgage Brokers and FHA foolishness!!!
- 06/13/08 09:45 AM
Hi folks. So here's the deal. I should NOT know more about FHA loans than the Mortgage Brokers that are attempting to do them. My market area, Poinciana FL, has always been a 100% financing market. Back in the 90s if you wanted to purchase a home in Poinciana it was USDA "Farmer's Home Loan" all the way. This was the mortgage product of choice. Back then you couldn't do FHA in Poinciana because the HOA(Homeowners Association) would not subordinate their first lien position. Finally, about the year 2000, the HOA changed their position on this, but by then, sub-prime loans … (51 comments)
fha: Bill HR 5830. Good, bad or too soon to tell?
- 05/03/08 04:58 PM
Hi folks. I am writing today to pick your collective brains a little. Have you heard that the House of Representatives recently passed a bill, H.R. 5830, named the Federal Housing Administration (FHA) Housing and Homeowner Retention Act? From what I've read, and understand, this Bill will give distressed Homeowners an opportunity to refinance with FHA at 90% of value IF their current Lender will agree to a short payment. One of the caveats is that the FHA will own a piece of the action. When the borrower sells they will either pay, from any profits, a 3% exit fee (a percentage of the … (55 comments)
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