Venice Area Homes Blog

 

This statement made me sad....but not because I was losing a listing. They thought I'd be unhappy because they were going to keep their home at the "expense" of my sale.

That was not MY sale....that is their HOME!

I always talk with my potential short sale sellers about loan mods. If they want to stay in the home, they might be able to. Any agent who has worked with short sales long enough also has a knowledge of the loan mod options...and who might qualify.

If a loan is under $417,000 there are federal programs that allow the lender to lower the interest rate down to 2% for a period of time. If it's a jumbo loan, I've seen interest rates as low as 5.25% for a 40 year term. All these modifications require impounds and the new payment needs to be about 31% of their monthly gross income. But if this scenario is close.....then it might make sense to try a loan mod.

We can do both at the same time....I've seen clients well into the short sale process receive a nice loan mod offer and pull out of the sale. Sometimes the lender needs to see what a short sale is going to do to their bottom line before they look seriously at making the current owner a reasonable offer.

And what about the buyer who has waited? And the Realtor® who has worked so hard for the short sale? I just don't think there are people out there who can be so hard-hearted and cold as to begrudge a family keeping their home. At least I hope NOT.

When I accept an offer on a short sale listing, I make sure it's disclosed that the owner would like to keep their home, and if a decent loan modification was offered, they would consider it. The buyer and buyer's agent are informed up front. Normally, we've already gone down the loan modification road if I have the listing active. If a seller wants to keep their home, I will help them with comps and websites where they can pre-qualify themselves....see if it's a reasonable option.

*I do not charge for any help I can provide for a loan modification
*I do not give legal advice of any kind
*I do provide referrals for CPAs and Attorneys (no, of course there are no kick-backs....sheesh)
*I disclose, disclose, disclose.....no surprises, no false expectations, no hard feelings

So.....please, please, please....do not apologize for keeping your home! For having more holidays, more birthdays, more BBQs in a home you love! Nothing could make me happier!

 

Karen Fiddler
Broker/Associate
The Fiddler Realty Team/eVantage Real Estate
Lic # 01494165

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Florida Foreclosures- Why Did I Get Served With Foreclosure Papers When I Don't Own The House? 

When a foreclosure is filed there is a legal summons and complaint issued. The lenders will serve and name as parties anyone that they believe may have an interest to the property of the title to the property in any way. 

This is why if you are renting a home from a property owner who goes into foreclosure the lender will serve you as "unknown tenants". The lenders want to make sure that anyone who may any sort of claim is notified of the foreclosure filing. Just because you are served with this summons and complaint does not mean that you owe money to the lender and it does not mean that you are responsible for any mortgage payments that are owed to the lender. 

If you passed on title to property without title insurance and without an attorney or a real estate broker guiding you through the process you may find yourself getting served as a named party in a foreclosure complaint like one lady here in Florida just did. 

She sold her house to another person and she carried the note, in other words, she offered seller financing. The person who bought her home paid her a one lump sum as part of a balloon payment. He refinanced the property with a bank. She released her lien on the property. She and this buyer did all of this by themselves. 

She has not had any interest in the property in the last six years. Now she gets served with a foreclosure notice and a summons and complaint. She wonders how could this happen? Most likely, she did not record the deed properly or something else in the paperwork went amiss and therefore the lender has named her as a party in this lawsuit. 

Typically if you are a tenant you do not have to answer the summons and complaint. If you have no interest in the property you won't have to answer the complaint. However, in the situation where you did once own the property and you are named you should seek the legal counsel of an attorney who understands this part of the legal field. You may need to re-record documents, the deed or whatever it is that went amiss. You certainly don't want a foreclosure listed on your credit report over some clerical error or recording mishap. 

Notice: We are not attorneys. Nothing we say is to be taken as legal advice. This blog is for information and discussion only. 

Stop Foreclosure- Learn Your Options. Maybe a short sale is your best option. Florida short sales may be able to help you.

If you are considering the option of short selling your Florida home in Palm Beach County, Broward County, St Lucie County, Martin County or Miami/Dade County- call us today at 561-753-0135 for a confidential intake evaluation in order to estimate the possible outcomes of your short sale.

   

 

 

To  view Welington Florida short sales  Click here. We know  Wellington Florida Real Estate and Wellington Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

 

   

 

 

        

 

 

Copyright © By Katerina Gasset 2010*Florida Foreclosures- Why Did I Get Served With Foreclosure Papers When I Don't Own The House?* 

 

 

 

Most home buyers know that the first step when purchasing a home is to secure financing. What many may not know, is that you not only need to be pre-qualified but you also need to know the TYPE of loan that will be obtained.

Some loans add additional burdens on the contractual parties, and it is very important that everyone knows their duties and responsibilities at the time of agreement.

Changing the type of loan in midstream often requires amendment and mutual agreement, and can delay the approval process.

The best time to “shop” for a loan is prior to making an offer. A qualified loan officer can assist you with all the options and the ancillary requirements.

And getting all of your “ducks in a row” first can save a lot of headaches down the road!

All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate Better Homes and Gardens Metro Brokers, Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park.

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