short sale: Crestview Florida VA Compromise Sale (short sale) Approved
- 07/21/20 11:55 AM
This VA Compromise short sale was recently approved in Crestview, Florida. If you are a veteran or active duty military stationed at Hurlburt Field, or Eglin Air Force Base, you may very well have a Veterans Association home mortgage loan. If you are unable to make your mortgage payments and your home value is less than your mortgage payoff, there may be assistance available. Reasons for inability to make mortgage payments include: PCS to another duty station, death of a breadwinner, divorce, medical obligations, caretaker expenses, etc. It’s also not uncommon for Eglin AFB service members to rent out their homes … (1 comments)
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short sale: Wells Fargo Mortgage Help – Forbearance With End of Loan Payment Deferral
- 05/07/20 11:26 AM
Some mortgage forbearance stories have a good ending. Wells Fargo, for example, is quick to respond and help borrowers who have trouble paying their mortgage due to Covid-19. In fact, they have one of the most comprehensive websites explaining the types of mortgage assistance they offer. Upon request, they will suspend your mortgage payments for three months, and potentially extend the suspension for three more months. During this time, they will not report the missed payments to credit bureaus, unless you were previously in default.
The terms of repayment of your Wells Fargo mortgage can range from the several options, aligning with the CARES Act, depending your … (0 comments)
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short sale: Don't Let Your VA Mortgage Lender Scare You About Lump Sum Payment
- 05/04/20 02:02 PM
You lost your job. You are a Veteran. You cannot make your mortgage payments. You called your lender and their steely “debt collector” tone and threatening letter would scare anyone.
If you experienced loss of income on the Emerald Coast of Florida due to the COVID-19 crisis, the Veteran’s Administration has issued clarifications about how your VA mortgage lender must treat you. Initially, VA borrowers may have received intimidating letters, such as this:
In fact, this forbearance letter refers to foreclosure twice, as well as short sale, and credit implications. It implies that to catch up, the loan must be brought “current” through a reinstatement (e.g. … (0 comments)
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short sale: Bank of America Offers Mortgage Forbearance - Not Deferral - Watch Out
- 04/15/20 02:17 PM
If Bank of America is your mortgage servicer and your ability to make your Destin, Florida mortgage payments has been affected by the COVID-19 crisis, be careful asking them for assistance. Bank of America, one of the biggest U.S. mortgage servicers, recently changed their home borrower website to reflect choices of either mortgage forbearance or mortgage deferral for those who are struggling and want to avoid foreclosure. A week ago, Bank of America only offered forbearance on their website. Most people don’t know the difference. Mortgage forbearance is a delaying of payments due. This may be for a period of three months, six … (1 comments)
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short sale: Foreclosures Postponed in Florida for 45 Days – Destin FL
- 04/07/20 01:07 PM
If you are having trouble paying your mortgage and are facing foreclosure in the Destin, Niceville and Fort Walton Beach areas, relief is available. There is now a moratorium on Florida foreclosures from April 2 through May 17, 2020, per order of Governor Ron DeSantis. Executive order 20-94 states that the COVID-19 emergency has impacted people’s ability to make single family residential mortgage payments. The order suspends “any statute providing for a mortgage foreclosure cause of action” under Florida law and hints at an extension of the moratorium beyond the 45 days. This does not mean you are relieved of your mortgage debt, past due monies … (1 comments)
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short sale: Florida Real Estate Services – Essential – But Should You Sell?
- 04/04/20 12:29 PM
Florida’s “Stay-At-Home” order to reduce the spread of COVID-19, limits many Destin, Niceville and Emerald Coast business activities, but allows real estate sales to continue. Governor Ron DeSantis’ state-wide mandate requires Florida residents to restrict their “movements and personal interactions outside of their home to only those necessary to obtain or provide essential services or conduct essential activities.” But is it really wise to allow real estate sales transactions to continue?
Is it worth the risk to allow Realtors, buyers, inspectors, appraisers, repair persons and photographers to enter the premises and potentially catch or spread the lethal Coronavirus? Is it worth the risk to you … (3 comments)
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short sale: 118 Ferry Rd., Fort Walton Beach FL VA Compromise Short Sale Approved
- 02/19/19 06:28 AM
This Elliotts Point home at 118 Ferry Rd., NE, Fort Walton Beach, Florida was approved as a VA Compromise Short Sale. This was not an easy property to sell, even though the short sale approval was easy! The home had multiple active roof leaks and and the roof was covered with tarp and sand bags. The roof design was itself defective. There was aluminum and cloth-covered wiring. The costs to repair the roof and electrical system were about $16,000. The home needed other repairs. The only straightforward way to ensure a buyer could close after short sale approval, was to get a … (1 comments)
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short sale: Luxury Sandestin Florida Short Sale Approved Citi
- 10/03/17 01:09 PM
This lovely home in Island Green, an elegant neighborhood within the community of Sandestin Resort, Miramar Beach, Florida, was just approved as a short sale. Listed at almost $900,000, the luxury property went under contract in little more than 30 days. Only the junior lien, Citi, was a short sale. The following documents are typical of what is required for a short sale approval:
Letter of authorization to allow me to speak on behalf of the owners to the bank Hardship letter outlining why a short sale is requested (some examples of hardship are job loss, death of breadwinner, medical expenses, mortgage … (1 comments)
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short sale: Attitude
- 01/28/08 10:10 AM
Last week was one of the most exhausting I have had in my real estate career. Getting a reprieve for a seller about to be foreclosed on was also one of the triumphs. It won't be complete until I save the sale, but I feel it is downhill from here. The mountain of short sales files waiting for approval reached a crescendo, but this week I expect to get the "o.k." on two. At least. I have finally chilled out. I took a walk this morning, the first morning walk in a few weeks. I was very nice to two negotiators. I did not put on … (2 comments)
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short sale: The 11th Hour
- 01/25/08 01:52 AM
Friday: I took over a short sale listing by referral two months ago. I found out about three weeks ago that a sale date had been set for MONDAY JANUARY 28. I have been dropping the price like a fall from a skyscraper, and finally got an offer LAST NIGHT. The price had to be lowered from 799,900 to 539,900 over the course of the last several weeks in order to get one offer. This is a waterfront home on the sound in Mary Esther. Remodeled, over 3000 square feet, in-ground pool, granite, wood floors, fireplace in the master bedroom. The offer … (12 comments)
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short sale: Warning: Countrywide and PMI Short Sales
- 01/24/08 01:37 AM
Watch out if you are working a Countrywide short sale with PMI! There is some funny stuff going on... I've been working a Countrywide short since October 2007, with a Countrywide second on it. There have been the usual delays, appraisals, counteroffers, request for seller's medical receipts, then a denial in early December. About a week later, the buyer re-wrote his offer to the terms Countrywide wanted. Yesterday, after more delays with "re-opening the file", ordering new appraisals, etc. I was informed by the negotiator that the second mortgage had been "released" to the AIG United Guaranty, the PMI company. She … (21 comments)
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