foreclosure help: Price Gaps between Traditional and Short Sale Shrinking
- 02/27/11 02:26 PM
According to a report released by real estate tracking firm RealtyTrac, the price gap between Orlando traditional and foreclosures and short sales has shrunk considerably. In 2010, there was only a 24 percent difference between these two types of properties for sale compared to 30 percent the previous year.
The gap is expected to further shrink this year as more and more traditional home sellers will be forced to lower their selling prices after finding out that their home’s market value declined. If this happens, distressed property sellers including foreclosures and short sales will no longer be able to offer bigger … (0 comments)
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foreclosure help: Over 40% South Florida Borrowers Are Underwater
- 02/23/11 01:22 PM
The housing market problem is not actually only confined to borrowers having trouble with their mortgage payments. There is also a growing number of homeowners who are finding themselves with a home whose property has declined at a level which left them with more debt than home equity.
Since 2006, the amount of home equity lost in Florida has reached $113 billion. In addition, home prices have declined by almost 55 percent while 43 percent of South Florida homeowners are said to be underwater.
It is therefore not surprising why more and more homeowners are choosing a … (1 comments)
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foreclosure help: Short Sales: The Best Exit Strategy
- 02/17/11 11:04 PM
Homeowners who took out mortgage loans and found themselves unable to keep up with the mortgage payments due to illness, loss of job or divorce will be glad to know there is a great exit strategy — a short sale.
In addition to distressed borrowers, a short sale is also a great problem solver for homeowners who are underwater on their mortgage or owes more than what their home is worth in the market. Before even thinking about going to your lender to discuss this foreclosure alternative, you should speak with people versed in the industry first.
Tax LawyerThere could be … (1 comments)
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foreclosure help: Short Sales Are Bargains Worth Your Time and Money
- 02/16/11 02:10 PM
In real estate, a short sale usually means the sale of a property at an amount less than what is owed to the mortgage lender. Of course, the lender needs to approve the transaction since they are the ones who would not be able to recover their losses.
Form a buyers’ perspective, a short sale offers them the chance to buy a home at a bargain price. It might take awhile but if you think about it, the waiting is certainly worth your time and especially money. You may not be able to find such a good deal as the … (0 comments)
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foreclosure help: Let’s face it, How Many of Our Problems Can Be Solved by Outside Agencies?
- 01/11/11 11:07 AM
For troubled residents of Miami-Dade County, good news has come early this New Year. The county has approved the program expansion of its mediation management center, Collins Center for Public Policy. The state-mandated process of mediation will now be including homeowners who are having trouble keeping up with their mortgage payments but have still managed to keep payments updated.
According to the program director, helping homeowners before there is a legal case filed against them by their lender is certainly easier on the part of the mediation center. By bringing both the borrower and lender to the table as soon in … (0 comments)
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foreclosure help: New Short Sale Requirements
- 01/09/11 03:51 PM
Despite the efforts of the Obama administration in helping distressed homeowners, there are still a lot of individuals and families who found themselves with underwater mortgages and also rejected when they applied for loan modification. The federal government finally decided to extend the Home Affordable Foreclosure Alternative or HAFA program to include incentives to lenders if they approve more short sale transactions.
The problem is ever since the program was launched late last year, only 661 short sales were approved. The Treasury has already spent $4.3 million for the incentives and the outcome was rather disappointing. In order to address such … (1 comments)
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foreclosure help: New Year Tips for Homeowners Considering a Florida Short Sale
- 01/09/11 03:49 PM
In the past year, a lot of homeowners have found themselves in a scenario similar to millions of homeowners across the nation — way behind on their mortgage payments and the value of their home less than what is owed in mortgage loan. Of course, you can expect the bank to be knocking on your door if you do not do something to stop the foreclosure.
If you are smart, you know there is a simple way out of this mess, albeit a rather lengthy one. Short sale transactions have always been considered to be the perfect alternative to a foreclosure … (0 comments)
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foreclosure help: 2010 Short Sales in South Florida Rise 49%
- 01/06/11 07:33 PM
Based on the report from CondoVultures.com, it seems that short sales are dominating the South Florida housing market. In fact, there is a 49% increase in the tri-county region in 2010 as compared to 2009. 16,800 Broward, Palm Beach and Miami-Dade County houses were bought for amounts less than what the seller owed in mortgage. In 2009, there were only 11,900 sold under the same condition.
Experts believe the rise in short sale activity can be attributed to more and more buyers looking at the South Florida market for cheap homes. With the still sluggish economy, high unemployment rate and under … (2 comments)
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foreclosure help: HAFA Short Sales Cost Treasury Department $4.3M
- 12/15/10 01:54 PM
Based on a Congressional Oversight Panel report, it seems the Treasury Department has already paid out investors and servicers a whopping $4.3M as incentives as part of the Home Affordable Foreclosure Alternative or HAFA program. The said program was launched last April and designed to benefit distressed borrowers who were not able to qualify for the loan modification program.
The HAMP program, meanwhile, was under fire again as it delivered underwhelming figures. The chairman of the COP, Senator Ted Kaufman believes these subprograms under HAMP were not able to put a dent on the foreclosure mess.
In their defense, the Treasury … (1 comments)
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foreclosure help: Top 5 Florida Short Sale FAQ
- 12/15/10 01:52 PM
Considering Florida has one of the highest foreclosure rates in the nation, it should not come as a surprise why a lot of distressed homeowners or borrowers are looking into a short sale in order to avoid having to go through a nasty foreclosure. Here are the top 5 most frequently asked questions to help you understand this foreclosure alternative:What is a Florida Short Sale?
If you find yourself owing more in mortgage debt than what your home is worth, you are said to be underwater and a perfect candidate for a short sale. The transaction will require the lender’s … (0 comments)
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foreclosure help: More Short Sale Buyer Tips
- 12/05/10 12:31 PM
With the housing market still on the verge of recovery, a lot of homebuyers are pleased with the large selection of homes they can choose from. Not only are they looking at newly built properties or existing homes for sale, but they are also checking out repossessed houses and short sale homes.
Obviously, short sale properties are more popular than foreclosures if you are looking for an affordable home. Usually, they are in good physical condition since the seller is still living there and trying to fight off the foreclosure. Before you start hunting for one of these short sale houses, … (1 comments)
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foreclosure help: October Home Sales Hurt by Short Sale, Foreclosure Freeze
- 11/29/10 02:03 PM
According to the latest reports, the number of homes sales, particularly in South Florida dropped for the month of October. The culprit, it would seem, is the temporary foreclosure freeze lenders implemented during the same month.
In Broward County, home sales declined by 28 percent compared to the same month last year while Palm Beach County home sales fell 14 percent, based on a report released by the Florida Realtors. in total, Florida home sales dropped 21 percent from last year’s figures.
An economist for NAR believed the decline in home sales activity can be attributed to the foreclosure stoppage. It … (0 comments)
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foreclosure help: Do Not End Up As A Statistic, Consider A Florida Short Sale
- 11/20/10 10:39 PM
According to a report released by the Mortgage Bankers Association, Florida has the highest number of homeowners who are seriously delinquent with their mortgage payments. About 19.52 percent were about 90 days delayed on their payments while a significant percentage of the borrowers are a month or two behind. Based on this, there is one out of four Florida homeowners who are delinquent.
It is believed the reason for Florida’s delinquency rates are because of the enduring unemployment problem and the continuing decline of home prices as a result of the foreclosure mess. Of course, it does not help that in … (2 comments)
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foreclosure help: Florida Short Sale or Foreclosure?
- 11/17/10 10:59 AM
Unemployment and declining home values are just some of the reasons why millions of homeowners are in “distress”. When that time of the month comes to pay for the mortgage dues, more often than not, these hardworking individuals are tempted to just surrender to foreclosure. For them, it is the inevitable ending to their suffering.
For many borrowers, looking for a way out of the mess is not something which enters their mind mainly because of the overwhelming pressure to provide the right documents. A Short sale, in particular, is thought to be stressful since the process involved is quite lengthy … (0 comments)
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foreclosure help: Facing Foreclosure? Get Rid of Your Fears with a Short Sale
- 11/15/10 01:28 PM
It is understandable that one of the greatest fears of homeowners is to lose their home to foreclosure. After all their hard work and sacrifices to buy their dream home, it is indeed devastating to end up losing it all because you were not able to prepare for financial difficulties resulting from job loss or even a divorce.
Instead of constantly worrying about what the future will bring and fear of the unknown, it is better to look at where you are now and make your decisions based on this. Homeownership is certainly a part of the American dream but … (1 comments)
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foreclosure help: Will You Benefit From A Florida Short Sale?
- 11/14/10 11:12 AM
In life, you have to learn to deal with problems that come your way as best as you can. Of course, considering the current sluggish economy has made it difficult for many to earn a living and for your investments to prosper, it is not surprising many also now have an underwater mortgage.
Such a term actually means you owe more than what your house is worth in the current market. Obviously, this is frustrating especially if the monthly mortgage payments are becoming a burden to pay. If you are having a tough time meeting all your financial obligations, maybe it … (0 comments)
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foreclosure help: Tips for Short Sale Realtors
- 11/10/10 10:47 AM
Being in the business of helping homeowners with a short sale transaction is no longer as easy and simple as it used to be. With lenders worried about fraudulent short sale proposals, the chances of getting approved for sometimes seems it has become so slim you would actually wonder if it is all worth it.
If you add the other problems usually encountered by short sale Realtors such as cut commissions and the seller or buyer backing out at the very last minute, it is not surprising why a lot of agents are leaving the short sale business.
Of course, there … (1 comments)
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foreclosure help: How to Sell Your Sarasota Short Sale Home Fast!
- 11/10/10 10:46 AM
Finding you have an underwater mortgage should not mean the end of the world since you have the option to short sell it. Considering there are also many others like you, you can expect the competition to be quite tough. Here are some tips to make sure you sell your Sarasota short sale home as soon as possible.
1. Post a Video on YouTube – With the millions of internet users utilizing this site, you should certainly take advantage of this marketing medium.
2. Involve your neighbors – Do not be shy about asking your neighbor for help in finding a … (0 comments)
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foreclosure help: Picking an Inexperienced Florida Short Sale Realtor
- 11/08/10 10:33 AM
If you have already decided on a Florida short sale as the solution to your mortgage problems, you would certainly want help in the form of an experienced and professional Realtor. If you fail to hire someone who knows what he or she is doing, then you can say goodbye to your credit score and hello to foreclosure.
Picking the wrong Florida short sale Realtor can actually mean the difference of being able to get out of this mess with few scratches and suffering through the horror of having to go through a foreclosure. It is important you work with an agent … (0 comments)
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foreclosure help: Short Sales: A Review
- 11/06/10 11:38 AM
Nowadays, it is not surprising if you have heard of the term short sale especially if you are one of those unfortunate homeowners who is having trouble fulfilling their mortgage obligations. This term actually comes from the simple fact the lender will be paid an amount short of what is due them in mortgage balance.
Typically, there are three parties involved in the short sale transaction: the owner, the buyer and the lender. Of course, most of the time, the owner is represented by a short sale Realtor in order to ensure a smoother and faster transaction.
Since a short sale will … (0 comments)
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According to a report released by real estate tracking firm RealtyTrac, the price gap between Orlando traditional and foreclosures and short sales has shrunk considerably. In 2010, there was only a 24 percent difference between these two types of properties for sale compared to 30 percent the previous year.
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