Orlando FL – Depending on who you are, when someone mentions IRS, it instills fear in most taxpayers. Here is our opinion on the whole forgiveness thing. Please note that all of the info stated below is my personal opinion on this subject. This is not legal or accounting advice. You should talk to a competent legal or accounting professional before making any decision.

You will have Forgiveness of Debt Tax Liability whether you give the house back to the bank or do a short sale. It’s true! Before I first started doing short sales, I thought that if the bank foreclosed on your house, you wouldn’t get a tax hit. However, I did think that you would get a tax hit with a short sale. So why do a short sale if you then have to pay taxes on the bank’s loss? Little did I know that you get hit with the tax liability whether the bank forecloses or you do a short sale.

The government sees it as money you received and never paid taxes on. If you lose a home thru foreclosure, it goes back to the bank and the bank then resells it. However, the amount of supposed debt being supposedly “forgiven” will be much bigger. Why? Because the bank will lose a lot more money. Take the case of a homeowner that Countrywide turned down for a short sale. The agent presented them an offer of $385,000, but they rejected it. The bank thought they could get more money after foreclosing on the house and then re-selling it.

However after foreclosing on the house, the bank was only able to re-sell it for $230,000. This left the homeowner’s with over $210,000 in debt being forgiven. If the bank had taken their original short sale offer, they would have only had $35,000 in debt forgiven. That’s a big difference, right?

Now, here’s the good news. The Mortgage Forgiveness Debt Relief Act of 2007, changed all that. Normally, when a lender decides to forgive all or a portion of a borrower’s debt and accept less, the forgiven amount is considered as income for the borrower and is liable to be taxed.

However, after the signing of the Mortgage Forgiveness Debt Relief Act, amendments have been made to remove such tax liability and allow the borrower and lender to work freely together to find a common solution that is beneficial to both parties. This protection is limited to primary residences — rental properties are ineligible for relief — so consult with a tax advisor. The amount of forgiven mortgage debt allowed to be excluded from income tax is limited to $2 million per year.

Here is one good thing that comes out of this whole tax thing. It give you lots of ammo to hold off the bank from collecting a deficiency judgment from you. If your bank files a 1099 for the lost income after you do a short sale, then they cannot collect money from you after that. And you can easily get rid of that tax liability by filing a Form 982 with your tax return.

Click here to view the Mortgage Forgiveness Debt Relief Act and Debt Cancellation.

Click here to view the article, Mortgage Workouts, Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form

Thanks for reading this, Gitta Urbainczyk P.A..

Gitta is a real estate agent at Keller Williams Heritage Realty.

Phone: 407-330-2181.

Get the tools you need for a successful loan modification by clicking here.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Gitta Urbainczyk P.A. specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales.

Orlando FL – It appears that Bank of America is getting for another bailout. We had a short sale where the first mortgage is Fannie Mae. Fannie Mae Short Sale Guidelines stipulate that the maximum any junior mortgages can be paid is $3,000. However, the negotiator set it up so the second mortgage is getting paid $5,700. It just so happens that the second appears to be owned by Bank of America.

In my opinion, it looks like the fox is watching the henhouse. It appears that in a roundabout way, Bank of America is getting a bailout from Uncle Sam. First, Uncle Sam gives Fannie Mae Billions. Fannie has gotten 83.6 Billion thus far. Then that bailout money goes from Fannie to Bank of America in a roundabout way. Pathetic. Just goes to show how the banks work the system for their benefit.

Thanks for reading this, Gitta Urbainczyk P.A..

Gitta is a real estate agent at Keller Williams Heritage Realty.

Phone: 407-330-2181.

Get the tools you need for a successful loan modification by clicking here.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Gitta Urbainczyk P.A. specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales.

Orlando FL – In another shocking story, it appears that Bank of America foreclosed on a paid off house. A Massachusetts couple owned a paid off house. Bank of AmeriFL still foreclosed on it. At least that’s the story, according to the St Petersburg Times. A couple bought a home in Spring Hill, Florida and paid cash. They thought it was safe from the banks. Apparently not.

Bank of America, thru a fluke in their system, foreclosed on their house. Can we trust these banks to do a good job with anything? These large lenders and servicing companies are understaffed.

Read the story below: http://www.tampabay.com/news/business/realestate/bank-of-america-forecloses-on-house-that-couple-had-paid-cash-for/1072632

Thanks for reading this, Gitta Urbainczyk P.A..

Gitta is a real estate agent at Keller Williams Heritage Realty.

Phone: 407-330-2181.

Get the tools you need for a successful loan modification by clicking here.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Gitta Urbainczyk P.A. specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales.

Orlando FL – We recently talked to someone who did a Orlando loan modification with HSBC. We couldn’t believe how easy the process was for them. They didn’t have to wait 60 days for a person to be assigned to work on the loan modification. They didn’t have to fill out an entire “package”, the fax machine actually worked, and everything went smoothly. I’ve have good experiences on HSBC short sales. Obviously they also do a good job on loan mods. Now, let’s contrast this with a large American Bank, such as Bank of America or JP Morgan Chase.

Bank of America is awful at processing Orlando short sales. I have countless stories of real estate agents working on Bank of America short sales for last 8 months. They still can’t get a reasonable answer on the short sale after 8 months.

Bank of America and JP Morgan Chase are especially bad. Want an answer to your e-mail? Be prepared to wait 1-2 weeks for that. The people are all overworked. What happens is that everything becomes incoherent. In my opinion, the reason these companies don’t care is because they don’t own the loans. Bank of America only owns approximately 20% of their loans.

And a lot of the remaining 20% are probably guaranteed by the government because of their purchase of Countrywide. Contrast this with HSBC. They own most, if not all, of their loans. That means if they mess up, they are the ones losing money. I couldn’t find HSBC ever getting a bailout on the bailout search page. They have a well run bank. All of their loan mods, short sales, and foreclosures are handled properly. Here is why.

They are acting as a principal. If they do a lousy job, they lose the money themselves. On 80% (or more) of Bank of America’s loans, someone else is losing the money. That is why nothing ever gets done on a Bank of America file. It’s like monopoly money. Do you think a teenage kid is going to “hot rod” around in his Dad’s fancy sports car?

I remember how I drove my parent’s car. Come on! We all know his Dad will treat the car a lot better than his kid will. Therefore, we can agree that people do a better job if their own money is on the line. The big banks are handling other people’s money. There is no accountability. The investors just hear that the market is bad. They don’t know that that is only half the story.

At HSBC, if the short sale department does a lousy job, it affects HSBC’s quarterly statement. If things go bad, then people are held accountable. In my opinion, there is nothing of the sort happening at American Banks such as Bank of America or JP Morgan Chase.

It’s kind of sad that a foreign company does a better job than an American Company. Are you an investor who own a mortgage, or do you work at Fannie Mae, Freddie Mac, FHA, VA, or some other place that owns or insures mortgages? Here are the standards I would force the lender handling your loans to apply for short sales and loan modifications.

Loan Mod Minimum Standard: Give the homeowner a written, coherent answer on their loan mod within 30 days. Approve all loan mods that are projected to bring in more money versus a foreclosure or short sale.

Short Sale Minimum Standard: The buyer gets a written, solid, coherent answer within 30 days after they make an offer. If the buyer isn’t willing to pay that price, then the house is listed at that price and the asking price is dropped by 5% a month until the home sells. Any future buyers get an answer on their offer within 3 business days.

Gitta Urbainczyk P.A., real estate agent at Keller Williams Heritage Realty. Call Gitta at 407-330-2181. Gitta is an advocate for Homeowners in Distress. Gitta has made it his personal mission to help as many people as possible avoid foreclosure and keep their home.

Get the tools you need for a successful loan modification by clicking here.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Gitta Urbainczyk P.A. specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales.

Orlando FL – First off, there are many misconceptions about foreclosure, deed-in-lieu, and short sales. I hope to debunk them here.

Common Foreclosure Myth #1: No matter what I do, I’m going to owe money to someone. On most short sales, the seller is able to walk away owing the bank nothing. Of course, it’s all up to each individual bank, but eight times out of ten, you can walk away owing nothing. A bank loses way less money on a short sale than a normal foreclosure. In return for you helping them out, they will help you out. Here is why there is this big difference between a short sale and a foreclosure.

On a short sale, the utilities are turned on and someone is living in the house. A vacant house is way harder to sell. The buyer knows the home is bank owned and will adjust their offer down because of that. On a bank owned house, the house sits there for 6-9 months empty before it sells. The bank has to pay to keep it up and insure it. They can’t loan that money out and collect interest. Also, there is the liability if some kid goes into the house and gets hurt. Because of that the banks want to do short sales and are very willing to work with you.

Myth #2: A Foreclosure will go off my record in 3-5 years. Yes, you might be able to get a loan after 5 years, but here’s the problem. When you walk away, the bank will come back and get a judgment for the money they lose, and also any money they have to spend. They’ll tack on attorney’s fees, late payments, interest, maintenance, lawn mowing costs, realtor fees, locksmith costs, title insurance, and all sorts of other fees. This judgment will stay with you until you pay it off. Let’s say you owe $200,000 on your home and it’s now worth $170,000. According to a study done on this, if you do a short sale, the bank will lose 19%. But, if the bank takes the home back and waits for it to resell, they will lose 41%. That means you’ll owe them $82,000 on average. That is the judgment amount.

This deficiency converts to a judgment and judgments last up to 20 years here in Florida. Most of the time, the bank itself will not come after you. But, the bank will sell the right to collect the money to a third party collection company. That company will then attempt to collect from you.

Have you ever experienced the calls you get when you get behind on a credit card? Those people are vicious! They just keep calling and calling and calling. Not only that, but they will drag you to court and ask for all your financial information. They can force you to bring in your bank statements and information on any retirement accounts such as an IRA or 401K. And if you don’t bring in this information, they can have a warrant issued for your arrest. You may have no prior criminal history, but you will after that. The court gives judgment collectors a lot of ways to go after you. They can send a cop out to your house to grab anything valuable. Do you have a nice TV? They might take that. Is your car paid off? If it isn’t absolutely necessary for you to use to get to work, they can take that too. No one will give you a loan with that judgment on your credit. You might not even be able to get a cell phone.

The worst thing is that this debt purchasing company will be going after you for 10 or even 20 year. They will do whatever they can to collect what they think is “their money.” Even your current and future employment might be affected because many employers now require credit checks.

Myth #3: A Short Sale will take 8-12 months and can drag out even longer. This is the case when the person you are dealing with doesn’t know what they are doing. Our short sales average 45 to 90 days. We do these every day, day in and day out. In fact, we have done over 27 short sales with banks ranging from Chase to Countrywide to Wachovia. The difference between dealing with someone who knows what they’re doing is this. It’s like the difference between hiring a top dog lawyer for a lawsuit versus hiring your friend who isn’t a lawyer.

When we work with you we will handle everything and do all the work. All you have to do is provide us with basic documents and that’s it. We will call the bank, handle the negotiations, and keep you updated as to what’s going on.

Myth #4: Banks and lenders rarely accept short sales. We are able to get short sales accepted most of the time. Here’s why your bank may have already told you they will only take X amount. But, let’s say someone owed you a lot of money and they wanted to pay you only half of what they owe. What would you say? You’d probably tell them to pay you the full amount, right? But, if the person came to you with cash and told you they just simply could not afford to pay you any more, what would you do? You’d probably accept whatever you could get, right? Well, it’s the same way with a bank.

The banks often tell you they won’t take a short sale. The reason is because they want you to pay them the full amount. Or, they want to get you to agree to pay them monthly for the rest of your life.

Myth #5: A Short Sale is no less damaging to my credit than a foreclosure. I can tell you one thing. Fannie Mae and Freddie Mac, who hold the loans on about half of the loans in the country don’t think so. They recently changed their requirements. Fannie Mae only requires two years on a short sale before you can get a new loan. If you give the house back to the bank, you have to wait for five years. Several new requirements now apply that can drag this out to 7 years. These companies are the backers of more than half of the loans issued today. This makes foreclosure more damaging than even a bankruptcy, which requires a 4 year wait.

Is a Short Sale right for me?

It depends on your situation. Many people decide to do a short sale when that can’t afford their mortgage payment, have already moved out of the house, or experienced a loss in income. Your lender would rather get this resolved now rather than take the property through foreclosure.

Your lender is looking to limit any loss on your loan. Upon completion of a successful short sale, your lender will end up with more money in their pocket than a foreclosure. Bottom line, your lender wants to work with you.

I have two loans. Can I still do a short sale?

Yes. We will work to process a settlement with both lenders. Oftentimes both loans are with the same lender. In this case it’s almost like negotiating with only one lender. If the first mortgage forecloses on the house the second lender loses everything. That causes them to be much more willing to cooperate. You can still do a short sale even if the sales price is less than what is owed to the first mortgage.

How does a Short Sale affect my credit?

A short sale will negatively affect your credit score, but not nearly as much as a foreclosure or deed-in-lieu. With a short sale, you can buy a house in 2 years versus the 5-7 years you will be forced to wait if you have a foreclosure on your record. A foreclosure or deed-in-lieu affects your credit for a longer period of time.

In addition, many employers are now checking people’s credit before hiring them. Having a foreclosure on your credit will make it tougher to get a job.

What do you charge to help me with a short sale?

We do not charge anything to help you with a short sale. Your lender pays all the costs including title company fees, closing costs, property taxes, and any back taxes or Homeowner’s Association Fees.

Do I need to be behind on my mortgage payments to qualify for a short sale?

No. You can do a short sale and never get behind on your payments. Many lenders request a genuine hardship such as a job loss or job transfer.

How long does a short sale take?

it depends on the lender and other factors. Some short sales are done in 60 days while others take 6 months to finalize.

Will I owe my lender any money for the loss?

The answer depends upon the type of loan you have and the lender you are working with. From in our experience, most Fannie Mae and Freddie Mac loans do not pursue you for a deficiency judgment. In addition, in our experience, FHA and VA insured loans do not pursue you for a deficiency judgment. Because laws and loan contracts vary, we will never know for sure until we get your lender’s short sale approval letter.

The short sale approval letter will spell out whether or not the lender can pursue you for a deficiency judgment. In addition, if your lender issues you an1099, they will no longer have the option to pursue you for a deficiency. The law does not allow them to write off the debt, issue you a 1099, and then pursue you for a deficiency. We recommend that you discuss this issue with counsel.

Will I be responsible for income taxes to be paid on the loss?

Most of the time the answer is no. The Mortgage Forgiveness Debt Relief Act of 2007 made most short sales tax free. We’ve been asked this question over and over again. So, we did a lot of research on the subject. A summary of all our research is available for you to research yourself. Contact me to receive a free copy of our research. I still recommend that you contact a competent accountant or other tax professional.

How do I get started on a short sale?

Please contact me to get started. I will discuss your situation with you and answer any questions you have. You can call me at 407-330-2181. Or, discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Thanks for reading this, Gitta Urbainczyk P.A..

Gitta is a real estate agent at Keller Williams Heritage Realty.

Phone: 407-330-2181.

Get the tools you need for a successful loan modification by clicking here.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Gitta Urbainczyk P.A. specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales.



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Orlando FL – Paying credit cards and other unsecured debts are your lowest priority. An unsecured debt is a debt where they can’t take away your car or house. A secured debt has something as collateral, such as your car, house, or anything else of value.

The most commons unsecured debt is a credit card. When you stop paying them, they will call you nonstop. The reason is because they don’t have any other way to collect from you.

They can’t come get your car or take your house. So, they make up for that by blowing up your phone with harassing calls. In addition, they use deceptive tricks to get you to pay them. For example, there are Federal Laws that regulate what they can do or say. They aren’t allowed to threaten to sue you, but then not follow thru and actually file suit. To get around this rule, they will use language that sounds legal, but isn’t.

In one situation, a debt collector in Buffalo, New York named their firm Hoffman, Weinberg & O’Brien to make it sound like they were a law firm. They would then leave messages on people’s answering machines. They would say they were with the office of Hoffman, Weinberg & O’Brien and then say they may resort to future legal action. In addition, they would reference case number 8306042. If you didn’t know any better, you would think the case number was for an actual lawsuit against you. Scary, right?

Most credit card accounts never sue (despite the constant threats.) Even when they do sue and get a judgment, they rarely ever attempt to garnish wages. A lot of judgments expire without getting paid. But, a lot of them get paid off when a person’s income increases, or that person sells a valuable asset such as a house.

Here is how to stop the harassing calls. Simply ask the person who calls for their fax number or mailing address. Then, fax or mail them a letter that requests them to stop calling you.

Here is some sample language I would put into a letter for this purpose:

“Under my rights in the Fair Lending Law and the Fair Debt Collection Practices Act, I hereby request you stop any and all phone calls to me or any other person. At this time, I do not wish to speak with you, anyone at your company, or anyone representing you concerning this matter. Do not contact me by phone regarding this matter. I demand that you stop calling my at home, on my cell phone, at work, at my relatives house, or any other location. Please make any future communication with me in writing. I am aware of my rights under section 805(b)2 of the Fair Debt Collection Practices Ac and am willing and able to exercise them. I am keeping track of all calls from your company and may consider recording calls.”

Make sure that when you mail the letter, you send it return receipt requested. If you have access to a fax machine, then fax it out. It’s much easier and stops the calls quickly. Under the Fair Debt Collection Practices Act, a creditor or collection agency that calls you after you request them to stop may be liable for statutory damages up to $1,000 plus any actual damages suffered, plus attorney fees.

Another tactic you can use to shut down any debt collector is to tell them you are recording the call. They back off when they realize they are on tape. You can buy an inexpensive call recorder at Radio Shack or Amazon.com. Just hook it up to your phone and you’re ready to go. In addition, you may want to keep a log of all phone calls from debt collectors. This can be useful if you ever have to go to court.

After reading the Fair Debt Collection Practices Act, in my opinion, the following acts are prohibited:

Violation #1: Call you before 8 AM or after 9PM.

Violation #2: Tell your relatives, family, or friends that you owe them money, or state that they are in the debt collection business when they contact any relatives, family, or friends.

Violation #3: Contact you after you send a written request that they cease further communication.

Violation #4: Contact you after you request they cease.

Violation #5: Threaten you with violence. In addition, they are prohibited from using obscene or profane language.

Violation #6: Publicize a list of people who owe them money.

Violation #7: Cause your phone to ring repeatedly or continuously to annoy you.

Violation #8: Call you without telling you who they are and why they are calling.

Violation #9: Mislead or falsely represent the amount owed, that they are an attorney or law firm, that if you don’t pay then you’ll go to jail, state or claim that you committed a crime, or threaten to take an action that is not allowed legally.

Violation #10: Not informing you that any information obtained can be used for the purpose of collecting their debt.

Violation #11: Threaten to repossess any property that they legally don’t have the right to repossess. I remember hearing a lady calling a national talk show and saying that a debt collector had threatened to repossess her cat. What is this world coming to?!! That is definitely a violation! Cats, dogs, and children are not normally given as collateral against loans. This isn’t the middle ages here!

Violation #12: Threaten to sue you and then not follow thru with it. In addition, they are not allowed to threaten to do anything unless they actually intend to follow thru with it.

There are many good lawyers who specialize in helping consumers when a debt collector violates the act. Just Google “Fair Debt Collections Lawyer.” Many of them can help you at no cost out of your pocket. They will take on your case on a contingency basis and get paid from the money they collect from the debt collector.

Thanks for reading this, Gitta Urbainczyk P.A..

Gitta is a real estate agent at Keller Williams Heritage Realty.

Phone: 407-330-2181.

Get the tools you need for a successful loan modification by clicking here.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Gitta Urbainczyk P.A. specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales.

Disclaimer: This is not intended to legal, accounting, or any other professional advice. I am simply giving you my personal opinion from one person to another.

Orlando FL – Shocking Fact: Most banks don’t own the loans they are handling. In fact, one of the “Big Four US Banks” only owns around 20% of the loans they hold. They are handling the other 80% as a servicer. The actual owner might be Fannie Mae, Freddie Mac, a Wall Street Trust, or a pension fund. A servicer acts as a trustee for the actual investor. They collect the payments and handle the “Lender” Functions. They then forward the money to the owner of the loan each month.

The lenders get paid the same amount of money whether they do a good job or not. Are they motivated to do a good job with your loan modification application? Many people experience long waits trying to get their loan mods accepted. This might be why.

Let’s say you managed an apartment community. You only returned calls from prospective tenants one day during the week. The other days you went fishing. As a result, half of the apartments were empty. Would you really be representing the owner of this property properly?

Would the owner miss out on tenants who could rent an apartment? Would that apartment manager be unhappy? You bet they would be. The same problem is happening with loan modifications and short sales. The lenders don’t have enough staff in place to handle loan mod and short sale applications. As a result, they are foreclosing on properties when they really should be reducing the payment.

Most people don’t realize that this is happening. Here are a few examples of lenders breaching their fiduciary duty to their clients.

Example #1: Turning down loan mods that amortize at a higher value than what is netted on a short sale or thru REO. Let me explain a little better. A servicer negotiates a loan mod with a borrower with a new monthly payment of $1,000. The borrower has a stable income and agrees to pay $1,000 a month for the next 30 years. $1,000 a month for 30 years, at a 6.5% interest rate will repay a $158,210 mortgage.

The servicer turns down the loan mod and forecloses. The house sells for $125,000 as an REO and the servicer nets $115,000. Did their investor lose money? I think most people would agree they did. Obviously there are other factors involved, but I think on an actuarial basis they will do better with the mod.

Example #2: Not giving buyers and answer on a short sale within one week. Servicers should help their investors recoup as much money as possible from short sales. To do this, they should order 3 BPOs and then list the property. They should then drop the price 5% a month. When a buyer steps up to the plate, that buyer should get an answer on their offer within 5 business days.

Example #3: Not listing REO properties quickly enough. I have witnessed several examples of banks foreclosing on a house and then taking 6 months to a year to list it for sale. As an example, I have seen houses sit empty for over a year before being listed for sale. Say what you want, but waiting 5 months is pathetic. If the mortgage holder had been a wealthy individual who lived in town, do you think they would have listed the house a little faster?

Thanks for reading this, Gitta Urbainczyk P.A..

Gitta is a real estate agent at Keller Williams Heritage Realty.

Phone: 407-330-2181.

Get the tools you need for a successful loan modification by clicking here.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Gitta Urbainczyk P.A. specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales.

Orlando FL – If you’ve ever tried to get a loan modification, then you know how tough it can be. Here is one reason why. The negotiations are all based off of how much the lender can squeeze out of you. The lenders feel like they are entitled to every penny they can get. They won’t stop squeezing you until they get repaid every dime.

Many loan modification customers end up paying more than their home is worth. Maybe they bought their home for $150,000, and took out a $150,000 mortgage. Today their home is worth $100,000. This homeowner can afford to pay down a $100,000 mortgage. However they can’t afford to pay down a $150,000 mortgage.

What does the lender do? They force them to pay the $150,000 mortgage. This is why you must have a Broker’s Price Opinion of Value when you apply for a loan modification. Here is what a Broker’s Price Opinion (BPO) is. A BPO is a Real Estate Agent or Real Estate Broker’s opinion of the value of your house.

To get a copy of our Loan Modification Guide and the tools necessary for a successful loan modification, click here. I will include a Broker’s Price Opinion with it.

Thanks for reading this, Gitta Urbainczyk P.A..

Gitta is a real estate agent at Keller Williams Heritage Realty.

Phone: 407-330-2181.

Get the tools you need for a successful loan modification by clicking here.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Gitta Urbainczyk P.A. specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales.

Below are some stories from other people who have used Stop Foreclosure Institute Members to short sale their house.

Richard Groom

We built a house ourselves and got into a situation with a sub-prime mortgage. We were being foreclosed on. I received an advertisement in the mail. When you go thru a foreclosure, you’re so upset and you look for any way out. The letter was so defining, it laid out all the aspects of what you could and could not do. We gave them a call. They stepped in and helped us through. They showed us what we could and could not do. I basically thought we were going to jail. They made it easy.

They have been very cordial in understanding our emotional attachment to this. They explained everything to me. It wasn’t something like I had to guess. When I was upset or mad (not at them, but at the bank and the situation), they calmed me down and they were great. They helped us through a very difficult situation, which I don’t want to see anybody go thru. But, should it happen, I highly recommend them.

When this happened, we didn’t know what to do. When this happened, we didn’t know which way to turn. I got on the internet. I looked for answers to get us out of our situation. All I found was different people trying to sell you something. They say, “For $1,000 we’ll do this”, or “For $500 we’ll do this.” We actually sent $1,000 to a guy to accept a loan modification. However, they came back with a $200 increase in the payment. We couldn’t afford that. When we got their letter, it explained everything. They made it so tolerable. The letter said that we could survive through this, that there is life after this. We can’t recommend them enough. They are genuine. When you have a question you call them and they give you the answer. –Richard Groom

Juliana Beville

We bought a house for investment right at the market’s peak. We then had two mortgages that we weren’t able to afford. So we had to short sale the house. You gave us a timeframe that you were going to be able to do the short sale. We thought in our minds that it was going to happen a lot faster than it did. But, you stuck at it and kept in touch with us every week and let us know what progress you were making and what was going on. The short sale did take a long time, but you didn’t give up and we don’t have that mortgage anymore.

It feels great. It feels like a huge, huge weight is off of our shoulders. We can breath and can now make our financial decisions based on a release of debt. I am in sales and being able to do what you are telling your customer you are going to do is huge. That is it. If you don’t do that, then you’re not a professional. You did that for us. You told us your were going to short sale the home and you did, regardless of how long it took you.

The relief was huge. I was able to focus back on my job and my children. An attorney friend of ours told us that most short sales don’t happen. I think he said the number 80% to 85% don’t happen. I freaked out and didn’t think you were going to be able to get the job done. My house is taken care of and is sold. –Juliana Beville

Eric Pugh

The housing market has sucked for a couple years. We were trying to keep up with the McMansions. Times hit home and the best thing besides losing your house totally is a short sale. your credit can be repaired in a short amount of time and you can get back on track and start again. It beats being foreclosed upon or going bankrupt and then you’re looking at years of hardship or recovery. My advice is when you come upon a situation where your house is not worth as much as you can sell it for is to look into a short sale.

I’m not the most trusting person out there. I was skeptical of the plan they put out there. I’ve met bucu agents and seen their CAashy plan. They follow thru with it. We closed a couple days ago and it was as smooth as you could expect it. I didn’t want to give them a shot. They tell you the truth and they will do what they say they are going to do. But, I would highly recommend them to my friends, family, co-workers or anyone else is in this situation.

When you’re in the situation with a short sale, sometimes you can’t make that monthly payment. This is a huge burden off mine, my wife’s, and my family’s back and heart. It relieves a ton of stress. When you can’t make a payment, or you’re behind, it becomes stressful. Don’t try to hold out until the end. Get the process started and get on the road to recovery. –Eric Pugh

Jennifer Hoover

I bought a house with my fiance. He ended up going back home. He was the major breadwinner and I couldn’t afford the house anymore. I put it up for sale and it ended up on the market for a year and a half. My previous agent was very nice, but she admitted that she didn’t know much about short sales. I worked with the bank a little bit, but they put me off. I had to all kinds of crazy paperwork and I didn’t know what I was doing. Eventually my lender told me that I was not allowed to list my house anymore and that I basically had to let it go into foreclosure and ruin my perfect credit.

They said “No cost to you, we can sell your house.” I thought they were full of it, but I found out they weren’t. They sold my house and I didn’t lose a penny. Of course, it did affect my credit a little bit, but nothing compared to a foreclosure. I definitely recommend them and think you should use them when you can. –Jennifer Hoover

Gittatian & Linsey Jorn

We found ourselves in a pretty sticky spot. We bought out house at the wrong time and we were about $80,000 upside down. That was strangling us. We put it on the market to no success until we got them involved. They got the banks to take a fair amount and everything went great. Kept us in the loop and got our house sold.

It’s just the biggest relief. Being in financial trouble is just one of the hardest things any family can endure. Getting rid of that is getting rid of a ton of weight. being able to move on and build a new life. They were true to their word. Every time they said they would be in touch with us they were.

I would say the strong follow up and keeping us in the loop kept us feeling real good as to what was going on. Even when there were a few bumps in the road (which had nothing to do with them), they kept us up to date as to what was going on. I felt like they were fighting for us every step of the way.

I’m in sales myself and obviously there is a temptation to oversell and sell more than you could deliver. That is far from what I experienced with them. They under promised and over delivered. I was very happy with the service. I could tell that they were making things happen that are difficult for most people. They are able to navigate thru the system already. If you were my friend I would recommend them to you. –Gittatian & Lindsey Jorn

Mike & Melinda Monaghan

We were very happy that they were able to move the property at a time that was very crucial. We hired someone to sell our home that didn’t know what they were doing. They were new to the business. but, then when we hired them, it was amazing. We really appreciate all that they did for us.

At the time, it became very crucial that we sell. It became very tiresome in terms of some of the things that came up. But, they stayed after it. They were tenacious. They were able to move our house at a very crucial time. If we had not been able to move our house when we did, we would have had more financial problems. We didn’t know them.

But, we received a CAyer and were very skeptical. We had been burned several times. We took a chance. Everything that they said they would do, they did. We would recommend them. I’m sure there are others out there that are facing crunch time in terms of moving a home. They came thru for us and we would highly recommend them. –Mike & Melinda Monaghan

Moe Matrajt

As everyone knows, times are rough these days. My wife and I got caught in a bind. In the beginning, we thought we could save the home. When we called the bank to find out our situation, we learned that we owed $360,000. We learned that there was no way to save our home without owing thousands of dollars.

We walked out absolutely debt free. The bank took $160,000 off our payoff on our house. By the time we found out that we were getting out without owing any money whatsoever. Do the math. We managed to save over $2,000 a month. We got a nicer house with a pool. The kids love it. We are absolutely in heaven. This was the best move we ever done. Being that my wife has a finance background I know that in two years we will be able to get back on our feet and buy another house.

I can’t say enough about them. They were absolutely outstanding. They took care of everything. We just had to sign our paperwork and walk away owing zero. If you are ever think about doing a short sale, give them a call. They will walk you thru the steps and take you right out of your debt.

I think most people probably don’t realize what situation they are in. They don’t really think that there is a way out. They don’t really think there is a way that they can get rid of a $350,000 house and walk away and being $150,000 upside down, and just walk away without owing any money. They did it, they succeeded and delivered the goods. –Moe Matrajt

Clay Hunter

When we worked with them, the sale went great. So many people think they have to owe so much money back. That’s not true. They got the short sale thru without a deficiency. I have zero promissory note. A lot of people say banks just don’t write off that much money. If we had a $100,000 debt hanging over our head, it would probably be 10 years before we bought another house. We might even have had to go bankrupt.

There was no work on our behalf. I sent them the documents and answered the phone a couple of times. That’s all I had to do. They did all the work. I am an engineer by trade and tend to be very thorough. I felt very comfortable using them. When they sold our first house, they helped us so much that there was no question on the second house. Because we had worked with them before, we decided to do the short sale after you recommended it. We wiped out over $100,000 in debt.

Everyone says they are short sale experts. We were really pleased working with them. They pretty much told us what would happen and it happened. They didn’t make any promises they couldn’t keep. We’ve already recommended them to some of our friends and will continue to recommend them when we’re asked. –Clay Hunter

Michael Souri

I think you guys were professional in the process from day one. You said what you were going to do and you did it. It means that I got this property out of my hair. The stress and the taxes and all of that getting paid off is a big, big help. I would recommend them because they came thru with what they said they were going to do. You said you were going to do something and you did it.

I owed $160,000 to the bank and it feels great to wipe out the debt. Even though I lost a lot of money on the house, it feels great to have it out of my hair. –Michael Souri

My husband lost his job and in doing that we went from a dual income household to a single income household. Like most Americans, we were living with 1-2 months savings. So, we had to look at all our options. We listed our home another agent and needed the house to sell. We stressed that we needed to sell quickly to keep out of a short sale or foreclosure situation. It didn’t seem to come across to her. One of the hardest parts for me was that we owed so much on our house.

The market had changed. Houses weren’t valued anymore what we knew they were worth. But, the market value just wasn’t there. We didn’t want to get involved in a process where we were going to have to come out owing money. We didn’t have any money to pay. We had limited funds for every single bill we needed to pay. We were able to walk away without owing anything.

Even though we don’t still have the home, we are able to breathe. I had looked at all the options: deed-in-lieu, foreclosure, short sale. All of them other than short sale you have to pay money back. I was going to owe over $70,000, or even more. I was going to have people hunting me down for 8, 10, or 11 years. Everyone needs to be able to start off again. Now, in 6-12 months my credit should be back and I get to start over. I can be a homeowner again, which is a big deal to me.

They could empathize with us and respect us for the difficulties we were going through. They never tried to put undue pressure on us. We just had an ease of comfort level with them. –Jessie Pugh

Pat Carden

I worked with the Stop Foreclosure Institute. I was despondent over my house. I called them and they helped me out of a very bad situation. Lo and behold the house is gone. They stuck right by me the entire time. They followed thru on everything that they said they would do and are going to stick by me with everything I need. All you have to do is call them to get an answer to any questions that you need. I’m out of town and when I call, they answer the phone right away. With all my heart and respect, I thank you with all of my heart. –Pat Carden

The Benefits a Short Sale Offers

There are many reasons that a short sale is better for you. We put together the comparison below so you can see the advantages a short sale offers and compare them for yourself.

Please contact me to get started on a short sale. I will discuss your situation with you and answer any questions you have. You can call me at 407-330-2181, e-mail me at gitta@gitta.com or put your info into the form below. I will contact you and give you whatever help you need.

Gitta Urbainczyk P.A.

To get started, please enter your information into the form below and I will contact you to discuss your needs.

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Orlando FL – If you’re facing foreclosure, then you are probably under stress. You don’t know what is going to happen. How long will it take before the bank kicks us out on the street? Will I owe my lender a ton of money? Will I ever get my life back? That’s why we put this site together. You need to know what your options are. So, let’s go thru them here.

Option #1: Do nothing and the lender forecloses on the house. Please be aware that in most states the foreclosure process can take a long time. I’ve seen it take some lenders up to a year to foreclose on a house. Some banks have better lawyers and can get a foreclosure done in 3-4 months. But, that is often rare.

Option #2: Deed-In-Lieu of Foreclosure. A “Deed-in-Lieu” is where you surrender your home to the lender. This enables the lender to sell your home faster and protect their investment. What benefit does it give you? None. Do not consider this option unless the lender gives you something in return

Option #3: Loan Modification to reduce your mortgage payment. If you want to keep your home, then it is a good option. Many lenders will reduce your interest rate, or extend the term of the loan. To qualify, you often have to send your lender all of your pay stubs, bank statements, and other financial documentation. Click here to get more information on this option.

Option #4: Reinstatement. This is when you pay the lender for all back payments, late fees, and other related costs. After that you start making normal monthly payments. This restores your account to its former current status. The only problem is that it requires you to come up with all the back payments and other fees.

Option #5: Get a New Loan and pay off your old loan. This is a good option if you still have equity in your home. However, if you owe more than your home is worth, then it will be hard to find a lender willing to pay everyone off. The other problem is that when your credit history shows late payments, then it will be hard to get a new loan.

Option #6: Sell the property. If you don’t want to your house anymore, then this is a good option to consider. However, if you owe more on the mortgage than the house is worth, then you will need to sell thru a short sale.

Option #7: Rent the property. This is a good way to earn some extra money. However, many mortgages are written with legal clauses that force you to forward any rent proceeds to the lender. In addition, many local and state governments have recently written laws forbidding you form renting a property unless the mortgage is current.

Option #8: Bankruptcy. This used to be a great option for a fresh start. However, in recent years the bankruptcy laws were tightened up considerably. The law now forces the bankruptcy judges to steer you to a Chapter 13 bankruptcy. This is versus the better bankruptcy option, which is a Chapter 7. The difference between the two is that a Chapter 7 gets rid of all your debts. A Chapter 13 basically sets you up on a court monitored repayment plan.

Under a Chapter 13, many people find themselves stuck under the same burden of debt that caused the problem in the first place. Only this time, they have to pay all the extra costs associated with the bankruptcy. I’ve heard some experts say that your just better of not paying your creditors than doing a Chapter 13 bankruptcy. This costs you less money out of pocket and your credit gets cleaned up faster.

Option #9: Short Sale. A short sale is when you owe more than your home is worth. You sell it with the assistance of a licensed real estate agent. It costs you nothing. The agent gets paid by your lender. It is well known that a lender will net more money on a short sale than taking a home back thru foreclosure. Why? A lender saves money on interest, attorney fees, and other related foreclosure costs.

A recent study done by the Boston Consulting Group showed that a lender will reduce their losses considerably with a short sale. If you are interested in a short sale, then fill out your info at the bottom of the page. In fact, they reduce their losses by 20% on average when accepting a short sale versus foreclosure.

Here is what we do when we help you with a short sale.

Step #1: We put the home up for sale and market it to find a buyer.

Step #2: We gather all of the necessary documents to process the short sale.

Step #3: After we find a buyer who wants to purchase the property, we contact your lender’s loss mitigation department. We ask them what documents are necessary to submit the short sale package and how to send it to them.

Step #4: We submit the buyer’s offer and all the short sale paperwork to your lender. We have a complete checklist that we follow so everything is submitted properly.

Step #5: We follow up with your lender to negotiate the short sale. There is a lot of time involved at this stage of the process. Many lenders short sale departments are busy with an avalanche of file. However, with a little patience and perseverance we are able to get the lender to approve the short sale.

Step #6: Upon lender approval we then coordinate everything to a successful closing. We follow up with all the inspections, appraisals, surveys, and the buyer’s financing.

Step #7: Closing. Everything is completed and you are now out from under the burden of debt and stress. Most sellers are so glad to be done with the stress and uncertainty. It’s closure.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Gitta Urbainczyk P.A., real estate agent at Keller Williams Heritage Realty. Call Gitta at 407-330-2181. Gitta is an advocate for Homeowners in Distress. Gitta has made it his personal mission to help as many people as possible avoid foreclosure and keep their home.

Get the tools you need for a successful loan modification by clicking here.

Gitta Urbainczyk P.A. specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales.



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