IMPORTANT NOTICE:
Keller Williams Realty is not associated with the government, and mortgage assistance service is not approved by the government or your lender. Even if you accept this offer and use a mortgage assistance relief service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
————————–
Orlando, FL – If your loan has Private Mortgage Insurance, also known as PMI, then there is a high likelihood that they will request that you sign a promissory note.

Today’s blog post talks about how to convince the lender to waive it.

Click here to find Orlando Short Sale, Orlando short sales, Orlando short sale realtor, Orlando short sale homes, short sale Orlando, Orlando fl short sale, Orlando foreclosure, Orlando foreclosure assistance and Orlando fl short sale realtor.

PMI companies are notorious for asking for promissory notes. The reason they ask for them so much is because there is no risk in doing so.

If the home is foreclosed upon, then they will have to pay a claim for the loss. If the home is sold as a short sale, then they will have to pay a claim for the loss. Either way, they have the same result.

But, if they get a promissory note, then they get some money to help cover the claim. Either way, there is no risk to them.

All that you have to do to avoid the PMI promissory note is show the PMI negotiator that the seller has no assets and does not have the ability to pay a promissory note.

You want to speak directly with the PMI negotiator. If you must, then escalate the file to a supervisor.

When they see the seller has no assets, they will still push for a promissory note. You have to hold firm and sometimes even threaten to go to the press.

If you have made a good case and talked to the right people, then they will usually waive the promissory note.

Orlando Short Sales Explained

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

But to be technical, here’s a more official definition:

• A homeowner is ‘short’ when the amount owed on his/her property is higher than current market value.

• A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then ‘sold short’ of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

• Financial Hardship – There is a situation causing you to have trouble affording your mortgage.

• Monthly Income Shortfall – In other words: “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.

• Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.

Thinking about short sale? I can help you short sale your property and never pay the bank another penny.

Contact me for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Email me at gitta@gitta.com. Or, if you prefer, you can call me at (407) 330-2181. Or click here and fill-out the form to have one of our best short sale agents contact you.

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 Short Sales.

Copyright © 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice
Gitta Urbainczyk, Keller Williams Heritage Realty , and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Urbainczyk’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.

IMPORTANT NOTICE:
Keller Williams Realty is not associated with the government, and mortgage assistance service is not approved by the government or your lender. Even if you accept this offer and use a mortgage assistance relief service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
————————–
Orlando, FL – We see a lot of agent’s going about escalating a file the wrong way. It reminds me of the appeals process game in death row.

Everyone has to go thru the appeals process. It drags on for years and years. After a while it simply becomes a game. I don’t want to see short sale escalation turn into a “game.”

Click here to find Orlando Short Sale, Orlando short sales, Orlando short sale realtor, Orlando short sale homes, short sale Orlando, Orlando fl short sale, Orlando foreclosure, Orlando foreclosure assistance and Orlando fl short sale realtor.

Treat the Short Sale Escalation Process like a sales process. Don’t treat it like just another technical process that you do for no reason.

Don’t just escalate the file “because you felt like it.” The reason you escalate a file is because the lender is making a bad decision turning down the offer.

You feel, based on your superior knowledge of the property and the local housing market, that they will lose more money thru foreclosure.

And you are moving the file up the chain to make sure they don’t lose even more money. When you escalate a file, make sure you tell everyone that they are going to lose money if they don’t accept the offer.

Tell them, “Based on my projections, you will net 180k with this offer and 163k after foreclosure.” Give them documentation to back that up.

Here are a few examples of documentation we send to them.

1. Comparable Sales.

2. Other similar homes for sale that are competing for the same buyers.

3. Active, competing bank owned comps.

4. Other bank owned sales that were rejected as short sales and the lenders lost money as a result.

5. MLS History.

6. Bank owned comps that may not have been allowed in the Property Valuation or appraisal.

This documentation is designed to help your case. It will help convince them that you are escalating a file for a legitimate reason. It’s not just a game to you.

Orlando Short Sales Explained

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

But to be technical, here’s a more official definition:

• A homeowner is ‘short’ when the amount owed on his/her property is higher than current market value.

• A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then ‘sold short’ of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

• Financial Hardship – There is a situation causing you to have trouble affording your mortgage.

• Monthly Income Shortfall – In other words: “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.

• Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.

Thinking about short sale? I can help you short sale your property and never pay the bank another penny.

Contact me for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Email me at gitta@gitta.com. Or, if you prefer, you can call me at (407) 330-2181. Or click here and fill-out the form to have one of our best short sale agents contact you.

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 Short Sales.

Copyright © 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice
Gitta Urbainczyk, Keller Williams Heritage Realty , and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Urbainczyk’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.

IMPORTANT NOTICE:
Keller Williams Realty is not associated with the government, and mortgage assistance service is not approved by the government or your lender. Even if you accept this offer and use a mortgage assistance relief service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
————————–
Windermere FL – If you are doing short sales, then you must learn how to escalate a file. Here’s why.

Click here to find Orlando Short Sale, Orlando short sales, Orlando short sale realtor, Orlando short sale homes, short sale Orlando, Orlando fl short sale, Orlando foreclosure, Orlando foreclosure assistance and Orlando fl short sale realtor.

What do you do when the house isn’t selling for any more money, but the bank keeps on rejecting the offers? You can give up, but then the seller loses the house to foreclosure.

Ouch! Why not escalate the file and get it approved? Here’s an example of how it worked for the Stop Foreclosure Institute.

We had a house on the market for 4 months. We started the price at 200k and slowly brought it down to $169,900. We finally got an offer for $159,000.

The lender thought the house was worth $195,000. We knew that they wouldn’t accept the offer because it was less than their value.

We knew this investor’s guidelines and that the current offer at $159,000 didn’t have a shot at getting accepted.

In order to get this file approved, we had two things to do.

1. Convince the lender to get a new, more accurate valuation.

2. Escalate the file.

To handle Part 1, we sent the short sale negotiator our own Comparable Market Analysis. We included the Pending homes for sale and the Competing homes for sale.

We explained that their valuation was inaccurate and that they need to order another one. (If your data is good, then most of the time they will order a new valuation.)

Then, we asked for their supervisor’s contact info. (Remember, most short sale communications are thru e-mail.)

Two-thirds of the time they will e-mail back the supervisor’s info. The other one-third of the time they will just start doing a better job on the file. Either way we have accomplished our goal.

In this case they started doing a much better job on the file. The negotiator ordered a new valuation.

If the new valuation comes back within range, then they will approve the file and we can close. On the subject house, the new valuation came back with the proper value.

We received a short sale approval and closed the sale a month later.

Now, there are a few problems you may run into trying to escalate a file. Sometimes the negotiator won’t give you their supervisor’s.

And they still won’t order a new valuation or help you out. So, you’re at a dead end. Here is how to get their supervisor’s info.

Call the normal short sale 800 number at the lender. Tell the person answering that you are working on a file with X negotiator and you need to talk to that person’s supervisor.

Say something like, “We’ve talked to the buyers. They will not raise their offer. We’ve had this house listed for 94 days and this is the best offer we’ve received. The buyers asked me to call and plead their case.”

Most of the time, they will give you that person’s name and e-mail address. Always ask for the fax and phone number as well. Most of the time you won’t get that, but sometimes you can.

Before I escalated a file, we were was scared to do it. What if the negotiator got mad at us? This held us back.

The reality is that the negotiators don’t get mad at all. If you’re at a logjam with a file, and you have a good case on why they should accept the offer, then do the logical thing and escalate the file.

Orlando Short Sales Explained

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

But to be technical, here’s a more official definition:

• A homeowner is ‘short’ when the amount owed on his/her property is higher than current market value.

• A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then ‘sold short’ of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

• Financial Hardship – There is a situation causing you to have trouble affording your mortgage.

• Monthly Income Shortfall – In other words: “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.

• Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.

Thinking about short sale? I can help you short sale your property and never pay the bank another penny.

Contact me for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Email me at gitta@gitta.com. Or, if you prefer, you can call me at (407) 330-2181. Or click here and fill-out the form to have one of our best short sale agents contact you.

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 Short Sales.

Copyright © 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice
Gitta Urbainczyk, Keller Williams Heritage Realty , and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Urbainczyk’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.

IMPORTANT NOTICE:
Keller Williams Realty is not associated with the government, and mortgage assistance service is not approved by the government or your lender. Even if you accept this offer and use a mortgage assistance relief service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
————————–

Orlando, FL – We received a lot of feedback from yesterday’s post.

One agent said, “You obviously don’t know what you are talking about. Bank X won’t give us a response on the file and we have been waiting 5 months for an answer.

How dare you suggest that I am incompetent because they haven’t replied?” (The bank was a large national bank whose name I changed for this post.)

Click here to find Orlando Short Sale, Orlando short sales, Orlando short sale realtor, Orlando short sale homes, short sale Orlando, Orlando fl short sale, Orlando foreclosure, Orlando foreclosure assistance and Orlando fl short sale realtor.

First off, we are not saying that all agents are incompetent. However, we do see some agents with no experience with short sales attempting to sell them.

Here is the issue. Banks do have responsibilities. In 80% of cases, the bank we negotiate with does not own the loan. That means they don’t take any of the loss from short sales that aren’t handled properly.

In order to reduce losses, the people that do own the loans have laid out specific guidelines. Those guidelines state exactly how the bank should process the short sale.

In addition, they give deadlines for how long it takes to process the file. For example, VA gives 45 days for a bank to process and approve or deny a short sale.

If the bank doesn’t meet that requirement, then they can be fined by VA or lose their Mortgage Servicing Rights. By the way, those rights are worth $1,000 to $5,000 per loan they handle.

We hold banks accountable on short sales. It is their job to handle the short sales quickly and competently.

If they don’t do their job, then we let the people that own the loan know about it.

What is an Orlando Short Sale?

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

More on Short Sales:

In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Neither side is “doing the other a favor;” a short sale is simply the most economical solution to a problem. Banks will incur a smaller financial loss than would result from foreclosure or continued non-payment. Borrowers are able to mitigate damage to their credit history, and partially control the debt. A short sale is typically faster and less expensive than a foreclosure. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.

Thinking about short sale? I can help you short sale your property and never pay the bank another penny.

Contact me for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Email me at gitta@gitta.com. Or, if you prefer, you can call me at (407) 330-2181. Or click here and fill-out the form to have one of our best short sale agents contact you.

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 Short Sales.

Copyright © 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice
Gitta Urbainczyk, Keller Williams Heritage Realty , and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Urbainczyk’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.

IMPORTANT NOTICE:
Keller Williams Realty is not associated with the government, and mortgage assistance service is not approved by the government or your lender. Even if you accept this offer and use a mortgage assistance relief service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
————————–
Orlando, FL – The Stop Foreclosure Institute recently received a question from John. Here is John’s Question.

“I am trying to buy a short sale. I have been waiting on an answer to my offer for 6 months. The agent tells me we should have an answer any day.

But, they’ve been saying that for a long time already. What should I do? John.”

Click here to find Orlando Short Sale, Orlando short sales, Orlando short sale realtor, Orlando short sale homes, short sale Orlando, Orlando fl short sale, Orlando foreclosure, Orlando foreclosure assistance and Orlando fl short sale realtor.

John, I think you should run for the hills. We see a lot of agents quote 6-8 months for a short sale response. Those agents simply don’t know what they are talking about.

We have processed short sales with the most difficult lenders in an average of 2-3 months. The key is aggressive follow up. You have to check on the status of the file twice a week.

The reason a short sale would take 6-8 months on average is because the agent isn’t doing that. If it takes more than a week to get a response to a question or call, then we contact the CEO of the lender and the local newspapers.

It has taken a week to get a response to a simple question. We had a short sale negotiator that we had been working with on a file. We had already talked back and forth several times.

He told us that he was waiting on 1 item and then he could make a decision on the short sale. That item was going to be completed in 3-4 days.

We waited a week and then started calling him. I would call and e-mail him once each day. We still hadn’t heard from him after a week of e-mailing and leaving messages.

We think that is pathetic and incompetent. Don’t you agree? It shouldn’t take a professional more than a week to respond to a voicemail, should it?

At that point we contacted the CEO’s office. We told them that if we didn’t have a response in 24 hours, then we would contact Fannie Mae. (Fannie Mae owned the loan.)

Needless to say, he got back to us right away.

What is an Orlando Short Sale?

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

More on Short Sales:

In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Neither side is “doing the other a favor;” a short sale is simply the most economical solution to a problem. Banks will incur a smaller financial loss than would result from foreclosure or continued non-payment. Borrowers are able to mitigate damage to their credit history, and partially control the debt. A short sale is typically faster and less expensive than a foreclosure. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.

Thinking about short sale? I can help you short sale your property and never pay the bank another penny.

Contact me for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Email me at gitta@gitta.com. Or, if you prefer, you can call me at (407) 330-2181.

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 Short Sales.

Copyright © 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice
Gitta Urbainczyk, Keller Williams Heritage Realty , and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

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

IMPORTANT NOTICE:
Keller Williams Realty is not associated with the government, and mortgage assistance service is not approved by the government or your lender. Even if you accept this offer and use a mortgage assistance relief service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
———
Orlando, FL – We received the following e-mail a little while ago from another agent that does short sales. It illustrates how the current short sale guidelines hurt the housing market and homeowners short selling their house.

Click here to find Orlando Short Sale, Orlando short sales, Orlando short sale realtor, Orlando short sale homes, short sale Orlando, Orlando fl short sale, Orlando foreclosure, Orlando foreclosure assistance and Orlando fl short sale realtor.

The following e-mail shows you why it is important that you have an experienced short sale agent help you. Here is the e-mail.

“I have a short sale listing with a large national lender. I have been waiting for an answer since September. I finally received an answer last week in form of a counter offer to the price.

The contract price was $315,000. The lender countered $345,000. I told the buyer to and see if he is willing to pay more. After doing so, he said he will stay at the original price of $315,000.

I said I will try my best to negotiate at that price. Before I could send the comps to the lender, they order an appraisal.

I feel that the property is worth more than $315k, but less than $345k. In the meanwhile, I put the house back on market just to prove to the lender that at 345k there may be no bites. I was mistaken.

I received an offer at $341,550. We told the first buyer if he goes up to what the lender wants, we will close the deal with him. He didn’t budge so we accepted the higher offer.

In the meantime, I got an email this morning from the professional negotiator I use to negotiate with the lenders. She said that the lender will accept the $315k price.

She suggested not to submit the $26k higher offer so as not to rock the boat. I have a dilemma. The first buyer’s offer technically was accepted by the lender.

I think he deserves the house because he waited throughout the short sale process. But do I have an obligation to the lender to present the higher offer?

But now that the lender agreed to the first buyer’s price, do we need to sell it to him? Or sell it to the second lender?” A concerned Agent.

Here was the Stop Foreclosure Institute’s Response. We don’t personally think that you are morally required to submit the higher offer. That lender is so tough.

They will probably require 90 days to negotiate the new, higher offer after the close out the file. So you would need to make sure the higher buyer is willing to wait 90 days.

What is an Orlando Short Sale?

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

More on Short Sales:

In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Neither side is “doing the other a favor;” a short sale is simply the most economical solution to a problem. Banks will incur a smaller financial loss than would result from foreclosure or continued non-payment. Borrowers are able to mitigate damage to their credit history, and partially control the debt. A short sale is typically faster and less expensive than a foreclosure. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.

Thinking about short sale? I can help you short sale your property and never pay the bank another penny.

Contact me for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Email me at gitta@gitta.com. Or, if you prefer, you can call me at (407) 330-2181.

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 Short Sales.

Copyright © 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice
Gitta Urbainczyk, Keller Williams Heritage Realty , and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Urbainczyk’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 recently received a question from Grant. Here was his question.

“I have an FHA loan and want to get a loan modification. My bank is playing hardball and won’t modify the loan at all. My friend got a loan modification and said it was pretty easy. What can I do to modify my loan?” Grant.

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Here is the answer. I don’t know the specific rules for FHA Loan Modifications. But, I do know how to find them. Here is what I have learned about FHA Loan Modifications and FHA Short Sales.

The FHA Program takes the loss on any short sales or loan modifications. Because of that they get to make the decisions on how loan mods and short sales are implemented.

The FHA program is administered by the Federal Department of Housing and Urban Development. Most people call it “HUD.” HUD has specific employeeds that administer the FHA Loan Program.

Those employees do not review loan modifications or short sales themselves. Instead, they give specific written instructions to the lenders that handle the loans.

These specific instructions are called Mortgagee Letters. If the lender wants to be reimbursed for any loss by the FHA Insurance, then they must follow the instructions.

They issue updates to their directions regularly with new Mortgagee Letters.

Here is the bottom line. Your lender has to follow those written instructions. The good news is that you and I can access and read thru these letters online.

To find out the specific rules for an FHA Loan Modification, you will have to read thru the following Mortgagee Letters. Mortgagee Letter 2009-35, Mortgagee Letter 2000-05, Mortgagee Letter 2002-17, Mortgagee Letter 2008-21, Mortgagee Letter 2010-11, and Mortgagee Letter 2009-23.

I just found some good information in Mortgagee Letter 2002-17. “At no time shall the loan be considered delinquent solely because the borrower has not paid late fees or other foreclosure costs.”

I have seen lenders put a borrower into default status and charge late fees on late fees. One late fee can blossom into thousands of dollars in charges. It looks like FHA doesn’t like that practice.

There are probably a total of 40-50 pages that you will need to read thru. But, because you know the rules you will have the upper hand in any negotiations with your lender.

I think that is worth spending a little extra time reading thru everything.

What is an Orlando Short Sale?

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

More on Short Sales:

In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Neither side is “doing the other a favor;” a short sale is simply the most economical solution to a problem. Banks will incur a smaller financial loss than would result from foreclosure or continued non-payment. Borrowers are able to mitigate damage to their credit history, and partially control the debt. A short sale is typically faster and less expensive than a foreclosure. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.

Thinking about short sale? I can help you short sale your property and never pay the bank another penny.

Contact me for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Email me at gitta@gitta.com. Or, if you prefer, you can call me at (407) 330-2181.

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 Short Sales.

Copyright © 2011 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.