Archive for Stopping Foreclosure

For Sale: 3BR/2BA Single Family House in Clearwater, FL, $118,000 For Sale: 3BR/2BA Single Family House in Clearwater, FL, $118,000. Just receive Bank Approval on this Short Sale!!! Yea! Looking forward to closing this with in 30 days!

The Home Affordable Foreclosure Alternatives Program Trying to reduce the rising number of foreclosures in the U.S., the Treasury Department introduced a new federal program that makes it easier to process a short sale for people unable to keep their homes. Home Affordable Foreclosure Alternatives (HAFA)(more…)

Successful Short Sales While keeping the disreputable at bay, you need also beware of buyers. While they are obviously the critical component in a successful short sale, they must offer qualifications beyond the financial. Short sales take time and patience and you’ll need assurance that your buyer is in for the ride. So besides the obvious confirmations of lender pre-approval or proof of funds if they are cash buyers, please consider:

Progress in the Short Sale Process The government will give $3000 toward moving expenses to the sellers in the short sale deal or to those who agree to a deed in lieu of foreclosure. This will certainly assist the distressed homeowners who don’t quite qualify for the mortgage modification program.

Foreclosures in Tampa Bay and the Words that Define Them In the foreclosure sales market a lot has happened quickly. In the process, the meaning of “pre-foreclosure” and all the other associated terms have gotten a little skewed. We’ve put some definitions together that will help to clarify these very distinct foreclosure phases.

Shadow Inventory Investment Opportunities In addition, since the governmental modification programs and refinance programs didn’t avail themselves to homeowners who were either too wealthy or owned too much on their homes; a very large percentage of the shadow inventory homes are luxury class. Many of these homeowners have given up and have vacated their homes.

Short Sales – Why They Fail When time is of the essence and there is not a great deal a borrower can control, our advice is to control the things you can. So, follow the instructions of your short sale specialist to the letter, compile all the requested detail, and make sure everything is accurate and valid. It can be done; you just have to do it right.

The Impact of Foreclosure The best way to avoid foreclosure is to pursue alternatives like a short sale or a loan modification. Don’t run from the obligation, but instead confront it head on with an experienced Realtor and your lender to determine the best approach.

Short Sale Eligibility The process needs to be initiated in the pre-foreclosure phase which begins with the first mortgage payment default. The foreclosure timeline in your state starts the clock against how long you have to list the home, find the buyer, and get the sale approved by the lender.

Good News about Short Sales New rules from the U.S. Treasury could figure prominently in Central Florida’s housing market, where about one in every five existing-home purchases involves a short sale. Key Points of the New Rules: Emerges between now and April; Only banks that(more…)