Orlando Short Sales: Saint Or Sinner?

December 18, 2010

Typical Abandoned Real Estate

Windermere FL– The New York Time had an interesting article about one man’s mission in the fight to stop foreclosure. According to the article, Mark Guerette, attempted to make use of all the empty, abandoned houses he saw.

I get frustrated when I see homes sitting empty for months and months. “Those homes should be put to good use!” I thought to myself.

It bugged me that homes would sit empty for months and even years at a time. The lawn would become overgrown.

A window might leak. Or, vandals would break the windows. Rain would start getting inside the house, thereby causing mold on the walls and ceiling.

The house would get uglier and uglier. As a working short sale realtor, I knew how much this would cause the home’s value to drop.

Most of the homes were in foreclosure. The owners had moved out to avoid being kicked out. But, the banks didn’t take care of the homes.

It bugged me to see these trashed homes come on the market and sell at a substantial discount.

“Those banks are hurting the housing market. Someone needs to do something!” I thought to myself. But, I never did anything about it.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Apparently this guy did. Mark would find abandoned homes, fix them up, and rent them to needy families.

An old English Common Law principle called “Adverse Possession” would make him the owner of the home after several to a dozen or more years.

Of course, he was responsible for keeping the home up, paying all the property taxes (including past dues taxes), and risking having a former homeowner confront him.

Florida’s Adverse Possession law would give ownership after 7 years. He thought that law was enough to make what he was doing legal. Apparently not!

According to the article, he now faces up to 15 years in prison. This is after he disclosed what he was doing to everyone.

He mailed the owners of the homes and the banks with the mortgage and told them of his plans. The lease with his tenants disclosed that he wasn’t the legal owner.

And yet, he still faces a prison sentence? Do you think that is fair? I don’t. Please tell me what you think in the comments section below.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at gitta@gitta.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (407) 330-2181.

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

Thinking about a loan modification? Our Orlando Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

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

Gitta is a Real Estate Broker at Keller Williams Heritage Realty.

Phone: (407) 330-2181. Email: gitta@gitta.com.

What do you recommend?

View My homes for sale at www.greaterorlandohomes.com.

Orlando Short Sale Realtor Short Sale Realtor. Orlando FL Short Sales. Orlando Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Gitta Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty . This information on Loan servicer demands a bribe from home buyer, or they won’t approve buyer’s short sale offer is provided as a courtesy to our viewers to help them make informed decisions.

My Realtor hasn’t talked to me about a Short Sale & I’m not even getting a showing. I think I might be upside down. What do I do?

December 15, 2010

Orlando, FL – The Stop Foreclosure Institute recently received a question from Jennifer. She is having a hard time selling her home.

“I have had my house for sale for a little while, but it hasn’t sold. No buyers have come to look at it. At first I thought the price was fair. But, now that no one has come to see the home, I am beginning to realize that I am upside down.

My realtor hasn’t talked to me about a short sale. What should I do?” Jennifer asked.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is what I would recommend to her. First, talk to your current agent about a short sale. The might be uncomfortable with bringing it up.

Short sales are a sensitive issue. Some people get offended when you ask them about a short sale. It doesn’t look like that is the case with you.

Tell your agent that you think you might be upside down. Ask them what they think they can realistically sell the house for in today’s market.

Then, ask them for a “Net Sheet.” This is a sheet that details all of the costs and fees associated with selling a home.

The fees and costs are subtracted from the sales price to give you the net amount you will receive from the sale. Compare that number with your mortgage payoff.

If it is less than what you owe your lender, then you will need to consider a short sale. Ask your agent if they can handle your short sale.

If not, then you may need to hire someone else. Short sales are a lot more complex than a normal real estate transaction.

Make sure the person you interview has closed short sales in the past and knows what they are doing.

Ask them how the short sale process works. Have them explain it to you. This will help you determine if that person can do the job for you.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at gitta@gitta.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (407) 330-2181.

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

Thinking about a loan modification? Our Orlando Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

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

Gitta is a Real Estate Broker at Keller Williams Heritage Realty.

Phone: (407) 330-2181. Email: gitta@gitta.com.

What do you recommend?

View My homes for sale at www.greaterorlandohomes.com.

Orlando Short Sale Realtor Short Sale Realtor. Orlando FL Short Sales. Orlando Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Gitta Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty . This information on Loan servicer demands a bribe from home buyer, or they won’t approve buyer’s short sale offer is provided as a courtesy to our viewers to help them make informed decisions.

Orlando Short Sales: Bankers, Can We Have More Open And Transparent Loan Modifications?

December 14, 2010

Orlando, FL – Loan modifications have become a joke. People get turned down for no reason at all.

People really want to keep their home, but just can’t figure out what to do. The loan modification negotiators realize how desperate the homeowners are. They use their power over the person to take an ego trip.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Banker to Homeowner, "You Pay Up!"

“I’m going to make this person beg me personally for their loan modification”, they think to themselves. Everything becomes a competition between negotiators on who can squeeze more out of people.

They talk to their fellow negotiators about what they are able to force people to do. “I saw that one lady had $100 a month for entertainment on her financial statement. I told her she didn’t deserve money for entertainment when she owed money to us”, they say to them.

Meanwhile, the other negotiator tells their story. “One couple had $200 a month on their financial statement to give to their church. As soon as I saw that, I increased the payment I asked by $200″, they say.

Yes, power does corrupt. These loan modification negotiators hold they keys to the homeowners future staying in their home.

Here is what needs to be added to the Homeowner’s Bill of Rights.

1. Whenever a homeowner is turned down for a loan modification, the lender shall give them a written, coherent response along with the reason they were turned down. It needs to specifically detail why they were denied and what they can do to be approved.

2. Homeowners are given all the guidelines at the beginning of the loan modification process. They should receive the same guidelines the loan modification negotiator receives. That way they can make sure that they aren’t lying to them.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at gitta@gitta.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (407) 330-2181.

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

Thinking about a loan modification? Our Orlando Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

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

Gitta is a Real Estate Broker at Keller Williams Heritage Realty .

Phone: (407) 330-2181. Email: gitta@gitta.com.

What do you recommend?

View My homes for sale at www.greaterorlandohomes.com.

Orlando Short Sale Realtor Short Sale Realtor. Orlando FL Short Sales. Orlando Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Gitta Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty . This information on Loan servicer demands a bribe from home buyer, or they won’t approve buyer’s short sale offer is provided as a courtesy to our viewers to help them make informed decisions.

Question from Homeowner: Why Would I Do A Short Sale Instead Of Saving The Monthly Payments & Letting It Go?

December 6, 2010

Windermere FL – The Stop Foreclosure Institute recently received a question from Christy. “Why would I do a short sale instead of saving the monthly payments and letting it go into foreclosure?” Christy asked.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer. If you stop paying your mortgage, then you can live in your home rent free for 12-24 months, depending on the state you are located within.

I have seen lenders wait a year after the first missed payment just to file for foreclosure. Yes, you can live in your house for free for a long time. However, a short sale has many advantages over a foreclosure.

It does less damage to your credit and allows you to buy another home in 2 years versus the 5-7 years after a foreclosure. In addition, you can get some money as an incentive for doing the short sale.

If you want the benefits of both, then stay in your home until the foreclosure case has been started. Then, start working on a short sale with your agent. A short sale can take anywhere from 3 months to even 6-9 months to process.

This will allow you to salvage your credit and live “rent free” for 12-24 months. You will be able to wipe out all that upside down debt and move on with your life. Best of all, you will be eligible to buy another home in 2 years once you are back on your feet.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at gitta@gitta.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (407) 330-2181.

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

Thinking about a loan modification? Our Windermere Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

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

Gitta is a Real Estate Broker at Keller Williams Heritage Realty .

Phone: (407) 330-2181. Email: gitta@gitta.com.

What do you recommend?

View My homes for sale at www.greaterorlandohomes.com.

Windermere Short Sale Realtor Short Sale Realtor. Windermere FL Short Sales. Windermere Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Gitta Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty . This information on Loan servicer demands a bribe from home buyer, or they won’t approve buyer’s short sale offer is provided as a courtesy to our viewers to help them make informed decisions.

Loan Servicer Doesn’t Follow VA Short Sale Guidelines On A Short Sale Of A VA Loan

December 3, 2010

Windermere FL – We recently negotiated a short sale on a VA Loan. After the appraisal is complete and all the other necessary document have been received, VA guidelines state the loan servicer should give us an answer within 15 days.

The loan servicer took 65 days to give us an answer. That is a complete violation of VA’s requirements. “Oh, but that’s no big deal”, you might say.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

It is a big deal, because VA (and every single US Taxpayer) loses money as a result. VA insures VA lenders against loss, provided they follow their guidelines.

VA is able to make an “educated bet” that they can issue these guarantees because they have laid out rules to control the lending and loan servicing environment. When the company servicing the loan doesn’t follow VA’s guidelines, it is no longer an “educated bet.”

Most short sales that get turned down and foreclosed upon sell for less as a foreclosure. That means VA loses even more money.

I can tell you from experience as a Windermere Short Sale Realtor that the 60 day turn around means that VA loses a lot more short sales to foreclosure.

But no one really cares because it almost a victimless crime. At least the victims don’t care. The employees at VA don’t get hurt because it’s not their money.

The US Taxpayer already knows the government wastes money. The victim ends up being American’s Veterans who don’t have as much money in the VA Loan Program to use to buy a house.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at gitta@gitta.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (407) 330-2181.

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

Thinking about a loan modification? Our Windermere Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

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

Gitta is a Real Estate Broker at Keller Williams Heritage Realty .

Phone: (407) 330-2181. Email: gitta@gitta.com.

What do you recommend?

View My homes for sale at www.greaterorlandohomes.com.

Windermere Short Sale Realtor Short Sale Realtor. Windermere FL Short Sales. Windermere Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Gitta Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty . This information on Loan servicer demands a bribe from home buyer, or they won’t approve buyer’s short sale offer is provided as a courtesy to our viewers to help them make informed decisions.

Loan Servicer demands A Bribe From Home Buyer, Or They Won’t Approve Buyer’s Short Sale Offer.

Windermere FL – We had a short sale recently with a certain loan servicing company. The funny thing was that this loan servicer was hired by the owner of the loan to work on behalf of them.

In other words, the loan servicer was to look out for the loan owner’s best interest.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Processing and approving a short sale will usually avoid future losses on a mortgage. Boston Consulting Group recently did a study on the difference between a short sale and foreclosure.

They found that a short sale dramatically reduces future losses when compared to a foreclosure.

Here is a real life example: One lender rejected a 385k short sale offer. The home was foreclosed upon and put up for sale. It sold for $230,000. We estimate the owner of the loan, Fannie Mae, lost $182,000.

We have seen this happen over and over again with short sale offers. The loan servicers drag their feet on processing the short sale. The home is later foreclosed upon and sells for substantially less.

But, we had never seen a loan servicer work against their customer / client’s best interest. Until we saw a short sale approval letter come across our desk.

The loan servicer was asking for a $2,500 fee to be paid to them. If it wasn’t paid they wouldn’t approve the short sale. I was shocked. “Aren’t you required to work in your client’s best interest?”, I asked them.

The woman at the loan servicer replied, “Well, we checked it out with our legal department and the said it is ok.” I don’t really understand what she meant by “ok.”

This company is not working in their client’s behalf. The loan servicer actually has a fiduciary duty to do what is best for the owner of the loan. And putting a roadblock in the way of approving short sales isn’t doing what is best for their client.

So, what does this mean to you? In my opinion, it gives you a strong basis for a lawsuit against that loan servicing company if your loan modification or short sale isn’t approved because you won’t pay their fees.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at gitta@gitta.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (407) 330-2181.

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

Thinking about a loan modification? Our Windermere Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

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

Gitta is a Real Estate Broker at Keller Williams Heritage Realty .

Phone: (407) 330-2181. Email: gitta@gitta.com.

What do you recommend?

View My homes for sale at www.greaterorlandohomes.com.

Windermere Short Sale Realtor Short Sale Realtor. Windermere FL Short Sales. Windermere Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Gitta Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty . This information on Loan servicer demands a bribe from home buyer, or they won’t approve buyer’s short sale offer is provided as a courtesy to our viewers to help them make informed decisions.

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