Windermere FL – The Stop Foreclosure Institute recently received a question from Brent. Here is Brent’s Question.

“If we are not behind on our mortgage but can’t sell our home through a normal sale because we don’t have any equity, can we still qualify for a short sale?

We would like to sell this property and get another property where we are not upside down. Thank you!” asked Brent.

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

Here was our answer. Brent, there is actually a federal short sale program that encourages what you would like to do. It is called the FHA 4155 loan program.

It allows a person that is short selling their house to buy another one right away. However, there are a few caveats.

We have been told that you will need the following. (Guidelines can change at any time, so make sure you check them with a Mortgage Professional familiar with the program.)

A. A 640 FICO credit score or better.

B. You must be current on all installment payments and on your mortgage.

C. No bankruptcy or foreclosure on your credit in the last 7 years.

D. The home you are purchasing must be inferior to the one you are selling. I don’t know the exact guidelines, but I think it means it is a smaller home, or it has less bedrooms or a lower price.

E. You will need the 3.5% down payment for the new purchase.

The biggest hurdle will be getting your current lender to approve the short sale. Most lenders will approve a short sale. It just takes time and a little patience.

But, it is a great opportunity to move on from your upside down property and start building equity elsewhere.

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. 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 is provided as a courtesy to our viewers to help them make informed decisions.

Orlando, FL – The Stop Foreclosure Institute recently received a question from Mau. Here is Mau’s Question.

“Is it legal for a short sale seller to buy the house he is selling on short to reduce his mortgage loan?” asked Mau.

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

Here was our answer. We don’t know of any law on the books that forbids a person from buying a home they are short selling. Here is what we do know.

Most banks and lenders don’t allow it. If the short sale negotiator sees a sales contract with you as the buyer, then they won’t approve the short sale.

Sure, you could do fishy paperwork to buy the home yourself. But, you risk getting in trouble for fraud if you were caught.

I think the biggest reason people aren’t trying this is because they can’t get a loan after a short sale. You aren’t able to buy another house for 2 years after a short sale.

There is an FHA loan program that allows you to buy after a short sale. But, one of the stipulations is that you must be buying a smaller or inferior home.

If you are looking to reduce your mortgage loan, do it the legal way. Get a loan modification with your current lender. Or, short sale your current home, rent for 2 years, and then buy a new home.

That allows you to wipe out the upside down debt and move on with your life. And best of all, you aren’t at risk of going to jail for fraud.

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. 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 is provided as a courtesy to our viewers to help them make informed decisions.

Orlando, FL – The Stop Foreclosure Institute recently received a question from Dave. Here is Dave’s Question.

“I bought several investment properties at the peak of the market. The homes have dropped in value by almost 40% and I am losing money on the rent every month.

I am sick of writing a check every single month to cover the loss. I would like to short sale these properties if possible. I am just wondering if the banks would allow it. What do you think?” asked Dave.

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

Here was our answer. Dave, there is no answer that is correct 100% of the time. In your situation, it depends on your lender. Many lenders will allow a short sale.

Others won’t talk to you until you are behind on the payments. I do know a friend of a friend who is in a situation very similar to yours and is short selling several properties.

He has substantial assets and a good income. Some of the banks were easy to work with. He was able to stay current on the payments until they approved the short sale.

However, some of the other banks weren’t as easy to work with. He had to stop making payments before they would talk to him.

It all depends on the bank and how much you want to short sale. I know several people that write big checks every month just trying to stay afloat on their rental properties.

If you aren’t planning on buying another house for 2-3 years, and want to stop the bleeding, then a short sale is a great option.

If I were you, then I would attempt a short sale. It doesn’t cost you any money. I don’t see how you can lose. If they don’t approve the short sale, then you are exactly where you are at today.

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. 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 is provided as a courtesy to our viewers to help them make informed decisions.

Orlando, FL – The Stop Foreclosure Institute recently received a question from Steve. Here is Steve’s Question.

“I divorced six years ago. We had had our home on the market for some time, but it wasn’t selling. My ex needed money to buy another home.

Since it wasn’t selling, we refinanced and split the equity. She used the money to buy another house and I stayed here. I put the home back on the market a little while later.

Today, several years later it still isn’t selling. The market value today is $267,000. I owe over $300,000 today.

I am having trouble making the payments. I asked my agent about a short sale, but they didn’t offer any help. I want to do the right thing, but can’t afford the home anymore.

I have called GMAC, but they haven’t offered any help either. Should I just stop making the payments and walk away? What do you think?”

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

Here was my answer. Steve, you probably should talk to your agent again. If you owe more than your home is worth, then a short sale is your only option to sell it. (Unless you can bring cash to the closing table, but it doesn’t sound like you have that option.)

I would have a heart to heart talk with my agent about your home. If they wouldn’t help me with a short sale, then I would find another agent.

There are thousands of agents in the US and I’m sure you can find someone else that can help you. A short sale is your best option.

You get to live rent free for 3-6 months. After that, you can walk away without owing the bank a penny. That is because most short sale agreements release you from the debt. Best of all, under current lending guidelines you can buy another home 2 years after a short sale, versus the 5-7 years wait required after a foreclosure.

All of the paperwork is handled by your agent. You just give them the basic short sale financial paperwork required by your lender and they handle everything else on your behalf.

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. 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 is provided as a courtesy to our viewers to help them make informed decisions.

Orlando, FL – If you are looking to buy a home, then you probably want to get the best deal. January is the best time to be purchasing a home. Let me explain why.

A lot of people put their homes on the market in January. In addition, there are very few people looking to buy a home in January.

This is because most of the people transferring for a job have already bought a home. Their companies want them to have purchased by the end of the year so they can write it off on the corporate tax bill.

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

The remaining buyers are usually waiting until Spring to go house hunting again. This gives you 2-3 months of prime negotiating time.

It is more than likely that you will be the only offers most sellers will see until Spring. But, guess what happens in Spring?

All of the other buyers start looking at homes and making offers. Those home sellers now have other options. Your offer isn’t the only one they have on the table.

As a result, the seller might pass on an offer that they would have accepted in January. So, if you are looking for a home, get out there and start looking. Don’t let the cold stop you from finding a great deal.

You probably won’t find home prices this low for a while. Everyone is expecting the economy to finally pick up in 2011. This will drive home prices higher.

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. 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 is provided as a courtesy to our viewers to help them make informed decisions.

Orlando, FL – Many agents and buyers are scared of short sales. Here is something that I do to make the short sale process easier for the home seller.

Before I start negotiations with your lender, I will order a complete title search. Here is why I do that. I want to know all the costs upfront, before I give the bank a number.

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

If I don’t do this, then the short sale lender will approve the short sale at a certain price. We can get to the closing table and discover there are unforeseen costs.

Then we have to go back and re-negotiate with the short sale lender. This can be tough because they already have a higher number in mind.

Sometimes you have to start the short sale negotiations all over again. That can delay the short sale by 2-3 months, if not longer.

This trips up many agents and causes them to bad mouth short sales. Extra costs can show up in the form of higher than expected Homeowner’s Association Dues, Property Taxes, and other costs.

The title company will do a complete title search. They will get an estimated payoff from the Homeowner’s Association, and estimate the payoff for the taxes.

Since I take this pre-caution I have found short sales to be easy and fun. Before you hire a short sale agent, ask them about the short sale process. If they don’t mention this step, then find another short sale agent.

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. 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 is provided as a courtesy to our viewers to help them make informed decisions.

Orlando, FL – Loan Modifications are tough. Lenders don’t want to reduce your payment or reduce the amount you owe.

It’s insane. Don’t even get me started on the topic of the nation’s courts being tilted in the favor of the big banks!

Most loan modifications end in failure because the banks are so hard to work with. In a recent story in the news, a New Jersey Company is accused of defrauding homeowners out of thousands of dollars.

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

According to the story, one couple had more than $2,800 billed to their credit card but received no loan modification. Another customer paid more than $3,500 and received no assistance.

Your best bet for a successful loan modification is to negotiate it yourself. No one else is going to care as much as you. After all, whose house hangs in the balance?

Yours! A loan modification negotiator in another state that has already collected his fee isn’t going to care as much as you will.

That is why we offer a loan modification guide to consumers. Here is what we cover in the Stop Foreclosure Institute’s Loan Modification Insider Secrets Guide.

* An easy to understand, Step By Step Guidebook.

* How to write a Hardship Letter that gets your loan modification approved.

* Three big loan modification mistakes and how to avoid them.

* Loan Modification from the lenders point of view.

* How the Making Home Affordable Program can help you.

* What not to do so you don’t risk being carted off to jail.

* How to calculate your budget properly to increase your chance of success.

To request this kit, please click here to request a copy.

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. 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 is provided as a courtesy to our viewers to help them make informed decisions.

Orlando, FL – The Stop Foreclosure Institute sometimes receives e-mails from people that short sales are impossible. Well, short sales are not impossible. They just take time. Here is an example.

The Stop Foreclosure Institute was attempting a short sale on a property. The bank turned down an offer for $220,000 on the house.

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

Today it looks like an offer for 185k will be approved. Why is that? The first offer was submitted 4 months ago.

The bank did an appraisal. The appraiser thought the house was worth $265,000. The lender rejected the offer because it didn’t meet their guidelines.

We put the home back on the market and waited for another offer. The property values continued to decline. The next offer came in for $185,000 several months later.

The bank re-opened the short sale process and ordered a new appraisal. This appraiser thought the house was worth $197,000.

The bank approved the short sale offer. As you can see, short sales can get approved with a little luck, time, and persistence. With some luck, the bank will see that the short sale makes financial sense and approve it.

We’ve seen over 50% of our short sales sell, get approved, and close in 3-4 months. And that’s the first attempt at negotiations.

The majority of the remainder will get approved, but we will have to submit more offers.

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. 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 is provided as a courtesy to our viewers to help them make informed decisions.