Real Estate on the Gulf Coast - Pensacola Gulf Breeze Pace Pcola BeachShort Sales Avoid Foreclosure
Hello, my name is Jack Lara and I am a Certified Distressed Property Expert® (CDPE®). I have devoted my career to helping homeowners buy and sell for over 10 years. Now, many of us face difficult situations, some more than others. These economic times have taken a toll on many that thought they were immune to financial difficulties. People from all socioeconomic backgrounds have felt the devastating financial and psychological effects that a loss of a home can have on their lives. Now I find myself helping people like you avoid the prospect of a foreclosure. This is where I come in as a CDPE® to help you avoid a foreclosure.
NEWS: National Mortgage Settlement What is a CDPE? When your roofing needs to be replaced, you consult a roofing expert. When there's a problem with your computer, you consult a technician who understands the issues of your particular model. And when a loved one becomes sick, you seek answers from medical professionals specifically trained in that particular illness. Similarly, in this current economic crisis, millions of homeowners facing financial hardship and possible foreclosure action are requesting the help of agents with the Certified Distressed Property Expert® (CDPE®) designation. A CDPE® is a real estate professional with specific understanding of the complex issues that confront homeowners in distress. Through comprehensive training and market experience, a CDPE® is able to provide real solutions for homeowners facing hardships in today's market. What is a Short Sale? A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. A homeowner is 'short' when the amount owed on his/her property is higher than current market value. A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage. For particular homeowners, this can be the best option to foreclosure. Yet, I still hear people suggest that short sales are basically the same as foreclosure. This is absolutely wrong! For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:
* You can do a short sale whether you have one mortgage or several. If you have a Home Equity Line of Credit it will also have to be resolved in the short sale. Do you have Mortgage Insurance (you maybe able to settle pennies on the dollar)? Mortgage insurance company may want compensation? Is there more than one person on the deed, the mortgage? Have you had a preliminary title search done? Is there an HOA and are the dues current? These are some of the questions that a professional real estate agent should ask. Give me a call at (850) 912-4123 or 554-9543. Why would a Lender Agree to a Short Sale?
A lender may be able to save Money by doing a "short sale" instead of a foreclosure. A foreclosure is a very costly proposition to your lender. Remember your lender is in the business of making loans and not owning real estate. They do not want to be in the real estate sales business either. A foreclosure on average will cost the lender from 35% to 50% or as high as 70% of the property value. Seek legal and tax advice. You will want to avoid a deficiency judgment (where the bank sues you for the money they lost). FREE INFORMATION LINKS Does the Mortgage Forgiveness Debt Relief Act apply to all forgiven or canceled debts? What is a Loan Modification and would a lender agree to a loan modification??? History Repeats Itself, The Mortgage Crisis Today The main difference between the S&L Crisis and what is now being called the Subprime lending Crisis is that during the S&L crisis institutions were the principals in the majority of the mortgages that went bad. These defaults caused the market collapse described above. Reasons to Avoid ForeclosureYou would be surprised how many times a homeowner in foreclosure will have given up, perhaps because they don’t understand the process or feel like they no longer care. DO NOT GIVE UP! Here is why.........You will always have to disclose that you had a foreclosure on any mortgage application submitted in the future and this can have an adverse affect on your future mortgage rates. This is the only credit item that is asked specifically and does not rely on what is on an individual’s credit report. Other Options for Homeowners facing Possible Foreclosure HELPFUL WEBSITES for Additional Information Loan modification info and refinance info Making Home Affordable Visit Freddie Mac's Website for Housing Info, Avoiding Foreclosure, Avoiding Scams Loan Modification Prior to contacting your mortgage lender you can quickly complete an eligibility test at Making Home Affordable.gov This test will let you know if you are eligible for a modification through the government-sponsored Home Affordability and Stability Program (HASP). For a list of mortgage lenders and servicers, visit HopeNow.com Certified Distressed Property Expert
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