short sales: Short Sale Info - 03/18/18 02:19 PM
Short Sale tidbit:
When dealing with HUD and their appraisal value comes in less than the sales contract price you should expect they will want you to lower the contract price. With this in mind do not wait for HUD to tell you to do it. Take the initiative and amend the contract and get that to the loan servicing company asap and you will save several weeks of processing time.  88% of the appraised value is what HUD required to net.
Jack Lara, Broker-Associate
Better Homes and Gardens Real Estate
Main Street Properties
(850) 554-9543
Mobile Real Estate Site:
Desk Top Real Estate Site:

short sales: Short Sales - Pensacola Florida - 07/06/15 11:16 PM
Short Sales - Pensacola FloridaClosed another handful of short sales over the last few days.  23% of mortgages in Escambia County Florida are underwater.....
Freddie Mac loosening requirements, are they setting us up again?  Lowering the requirements for borrowers to get a loan (thin ice lending) what will happen?
If you find yourself in the revolving merry-go-round of a loan modification all the while falling further behind on your mortgage payments, stop, get off the ride.  Promises by your lender that you should try to modify your loan again and again is like being stranded in the Mojave Desert and seeing a myriad … (0 comments)

short sales: Short Sale Tidbit Freddie Mac - 05/10/14 09:26 AM
Short Sale Tidbit Freddie Mac
A difference of opinion on property value.
The loan is owned by Freddie Mac. You have a sales contract for $150,000 but the BPO is in at $175,000. Solution:
First you will submit your dispute package with comparable sales, photos, repair estimates, code violations. Your dispute package goes to the loan servicing company, such as Bank of America, Bayview Loan Servicing. Send in the package via fax or email. Follow up call a few days later to confirm that the dispute is under review  If the issue is not resolved to your satisfaction. Contact Freddie … (1 comments)

short sales: The Loan Mod Trap...saying Goodbye to Short Sale - 03/30/14 04:36 AM
The Loan Mod Trap Saying Goodbye to Short Sale
"Tales from the Short Sale Twilight Zone"
Avoid Foreclosure ....the longer you put off meeting with a Professional, the closer you are to not having enough time to avoid the Foreclosure Sale.
** Typical Homeowner Scenario: attempt loan modification, get turned down; attempt loan modification again and it drags out another 9 months and get turned down again; lender mails the homeowner information that entices the homeowner to attempt to save the home.....THEN you realize foreclosure proceedings have begun; homeowner finally looks for a short sale specialist! **
Please Stop! … (0 comments)

short sales: Short Sales Pensacola Florida - 09/01/13 02:37 AM
SHORT SALES Pensacola Florida Short Sales when you live away from your property.
Contemplating a short sale?  Do you live in a different city from where your property is at?  Do you live in another state or even overseas?  You can still avoid foreclosure by doing a short sale and you never have to be here for the sale.
I have a Bank of America short sale closing this Friday the 6th of September.  Just under 3 months to receive short sale approval on two loans serviced by Bank of America.   Approval good through mid October but no reason … (2 comments)

short sales: Real Estate News n' Stuff from Max Levity (Pensacola) - 08/22/13 11:53 PM
Let's hear from Max Levity......Pensacola Florida Real Estate News....
Here is a snapshot...and for info click on the image, please...........or Click Real Estate News n' Stuff from Max Levity

Jack Lara, Broker-Associate, Main Street Properties, Inc. 1313 Creighton Rd Pensacola, Florida 32504
The Web and Short Sales Pensacola: go to
(850) 912-4123

short sales: Short Sales Bank of America Help Team on Twitter - 02/06/13 11:48 AM
 Short Sales with Bank of America - BofA Help Team on Twitter..
Bank of America has come a long way in processing short sales.  Compared to four to five years the difference is like comparing a ballerina and a football linebacker.  You have come a long way baby!!
Especially helpful has been the social media team that Bank of America has put together.  I have called upon them several times over the past two years to get clarification and most importantly solving problems and closing  short sales.  Many times it has resulted in teaching moments for negotiators (and I have … (1 comments)

short sales: Foreclosure Backlog - 02/27/12 04:33 AM
Question about the foreclosure backlog due to the robo signing issue that was settled two weeks by the signing of the National Mortgage Settlement.  Is there a time frame as to when the foreclosures will hit the market? When these properties enter the market then that should lead to downward pressure on prices and an impact on appraisals (comps) by the quantity of reo's sold in the market.  If this happens, the downward pressure, will that put more homeowners in jeopardy of being upside down on their mortgage with more potential to be in a short sale situation?
Jack Lara, Broker-Associate … (0 comments)

short sales: National Mortgage Settlement - 02/14/12 12:03 AM
National Mortgage Settlement are there unintended consequences?  Clarification for the banks to move forward with foreclosures?  Here is an article from Realtor® Magazine, "Could the Mortgage Deal lead to a Jump in Foreclosures?"
“It will speed up processing, and perhaps mean that foreclosures that have been waiting around since robo-signing came to light in 2010 will now gain legitimacy.” Housing Wire
The settlement will help those that are current on the mortgage payments with the lenders named in the settlement.  This settlement does not apply to those mortgages backed by Fannie Mae or Freddie Mac, a major player in the mortgage … (0 comments)

short sales: Pensacola Real Estate Short Sale Tip - 01/16/12 04:49 AM
Pensacola Florida Real Estate - Short sale tip for you.
Remember besides the short sale lender running a credit check on the short sale seller, the mortgage insurance company can and will do the same. 
Heads up if you the seller did a refinance loan on your primary residence and your an investor.  Your an investor that did a refi in order to improve your cash flow at home in order to save your investment property from going into foreclosure.  You have hung onto your investment property and have done as much as you can to meet your obligation and finally you … (1 comments)

short sales: Pensacola Real Estate News Cooperative Short Sale Progam by Bank of America - 05/31/11 04:15 PM
Pensacola Real Estate News
Cooperative Short Sale Progam by Bank of America
I am currently working with BofA on a “Cooperative Short Sale” and here is what Bank of America is saying about their cooperative short sale program:
120 days to sell the property and if it does not sell then BofA may seek a deed in lieu of foreclosure Pricing set by Bank of America based on appraisal that they order Price corrections made every 21 days (what I was told on the phone) Benefits if successful (sale-closing)
If the cooperative short sale is successful, the bank will pay the … (1 comments)

short sales: Pensacola Real Estate News - Short Sales - Avoid Foreclosure - 01/16/11 04:12 AM
Pensacola Real Estate News | Short Sales & Avoiding Foreclosure
Here is a little bit of news I got from Bank of America…………
Seems like some of the loans that they are not approving for a “short sale” are being moved toward a “loan modification”.  Could not get any details other that are a few select, could be in the thousands, of borrowers that are being offered loan modifications unbeknown to the Borrower.  How?
In the short sale process Bank of America has already received the borrowers financial information.  If it does not make economic sense for them to do the “short sale” or to … (0 comments)

short sales: Pensacola Real Estate News - Short Sales - Short Sale tip - 11/12/10 10:47 AM
Short Sale Tip. 
Great training yesterday at our Keller Williams office.  Juli Jenkins of Keller Williams Realty in Baton Rouge shared some great information that sellers need to be aware of.
She said that there are lenders checking social meeting sites to see what their clients are doing.  Checking to see if their short sale sellers are spending money on things that they may deem non essential and cause a short sale to not be approved.  Here are some examples. Taking a vacation Going gambling, Las Vegas, Biloxi.  So that saying “What happens in Vegas stays in Vegas…” may not … (0 comments)

short sales: Pensacola FL - Short Sales - 10/26/10 07:43 AM
Short Sales Tidbits
Your lender is more than likely just the service provider for the loan.  They make their money by being paid a fee for processing the payment. An investor entity owns the note. The investor can be a business such an insurance company or investment firm.  It can also be a government organization that is invested in mortgage back securities to fund a retirement fund.  The investor can also be located in another country that only meets once a month to make decisions. Your loan may be held by more than one investor. Some lenders are better organized … (0 comments)

short sales: Short Sales – Mortgage Insurance – Solutions Pensacola, Milton, Gulf Breeze, Cantonment, Pace, Florida - 08/29/10 02:10 PM
Short Sales – Mortgage Insurance – Solutions
Pensacola, Milton, Gulf Breeze, Cantonment, Pace, Florida
Why it pays to not give up on your short sale.  Recently went through the grinder with a short sale.  Two mortgages plus mortgage insurance.  Citi Mortgage and Regions were the lenders.
After negotiating terms with the second to agree to an amount it was time to get the first to realize the value of the property was today now worth only half of the original loan amount.  How?
Thorough market analysis Thorough explanation of the cons of the property, including pictures and a … (2 comments)

short sales: Short Sales important info from Bank of America - 07/10/10 05:31 AM


short sales: Short Sales - Deficiency Judgement - IRS Tax - 02/22/10 01:50 PM
 Short Sales - Deficiency Judgement - IRS Tax
With a short sale, the lender has three possible ways to handle the deficiency balance, which is the portion of the mortgage debt not covered by the sale of the home.
The lender can attempt to collect the deficiency balance from the seller after the property has closed. The lender may require the seller to sign an unsecured promissory note for the deficiency balance as a condition of agreeing to the short sale. If the new note is for less than the balance of the original debt, the difference would be considered canceled, … (1 comments)

short sales: Home for Sale in Milton Florida Near NAS Whiting Field - 01/17/10 03:05 AM
Home for Sale in Milton Florida Near NAS Whiting Field
Just listed 1 block from Tanglewood Golf Course and about 10 minutes from NAS Whiting Field.  Listed for $125,000 Three Bedrooms Two Baths contemporary home floor plan and 2 car garage.  Short Sale with only one mortgage to deal with.  Great price for 1,892 square feet of living area.
Home is located in a cul-de-sac.......Great Value!
Jack Lara, "The Jones and Lara Team" at Keller Williams Realty of Pensacola
Give us a call to see this home, call Toni Jones at (850) 471-5020 visit our website at … (0 comments)

short sales: What a Short Sale is Not - 08/02/09 08:29 AM
What a Short Sale Is Not
It needs to be clear to You the homeowner; a short sale is a way to avoid foreclosure. It is not a ‘get out of my mortgage free card'.  For a short sale to be approved the seller has to either be in or be headed for foreclosure.  This means that you have to have a valid financial hardship for why you can't pay the mortgage. A seller without a financial hardship that is upside down on their mortgage and wants to sell is not a potential short sale, they are a dissatisfy homeowner. Unfortunately … (0 comments)

short sales: Pensacola Real Estate News | Avoiding Foreclosure | Loan Modifications - 03/22/09 04:51 AM
The federal government has launched a new website with online tools that will allow a homeowner to determine if they are eligible to participate in the "Making Home Affordable" loan modification and refinancing program.   The site is and shares information about how this program works and who is eligible for assistance.  This is the same $75 billion program you may have heard of recently in the media.  
The homeowner should have the following available:
  *  Information about your first mortgage, such as your monthly mortgage statement.
  * Information about any second mortgage or home equity line of … (0 comments)

Jack Lara, "Jack Lara...Your Real Estate Advisor" (Main Street Properties) Rainmaker large

Jack Lara

"Jack Lara...Your Real Estate Advisor"

Pensacola, FL

More about me…

Main Street Properties

Address: 1313 Creighton Rd, Pensacola, FL, 32504

Office: (850) 912-4123

Mobile: (850) 554-9543

Email Me

Pensacola Real Estate News, Buying or Selling in the Pensacola Area (Cantonment, Pace, Beulah, Northeast Pensacola), Short Sale and Distressed Property Info, Avoiding Foreclosure, Current Events in Pensacola: Blue Angles, Pensacola Beach




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