Archive for 'sellers'

Happy Valentine’s Day – The Facts about Loan Modifications

Thursday, February 14th, 2013 at 12:35 pm  
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Happy Valentine’s Day Everyone  the facts about loan modifications!!

Today is a great day to tell anyone and everyone you see and know Happy Valentine’s Day. Many of the Sellers that are upside down on their home are stressed out and don’t know what to do.  First off, I want all Sellers to know that when they got a loan from the bank their money was given to the bank from an investor.  This investor could be a trust, reit, or maybe the government.  The bank guaranteed the investor or group of investors a set interest rate.  Many Sellers are attempting a loan modification hoping to keep their house.  I always ask my Sellers if could wave my wand what do you want from the bank.  Most of them will answer that they want the bank to reduce their balance on their loan or they want a certain amount for their monthly payment.  Here are some facts I want to share this Valentine’s Day with the Sellers:

1.  During a loan modification the bank is still continuing with the foreclosure.

2.  I have not spoken with a Seller yet that got a reduction in the value of their home on a homesteaded property and I have done over 500 short sales.

3. The monthly payment the Seller wants makes no sense.  They are not considering how much their taxes and insurance is on the property nor are they considering the interest that will be charged for the loan amount.  Example:  Seller owes $300,00,000 on the loan at 4% for 30 years is $1,432.25  – Yearly Taxes are $3,000 per year $250.00 a month – Insurance is $1,500 per year – $125.00 per month –  Total monthly payment NOT INCLUDING HOA (homeowners association dues) would be $1,807.25.  Many Sellers want a lower payment than this amount because they can’t afford it.

4.  I have only seen the bank take the monthly payments that they are behind plus interest, late fees and attorney fees and add it to the end of the mortgage and/or change it to a 40 year mortgage.  Which would make their monthly payment $1,253.82 on the loan plus taxes and insurance would be $1,628.82.

So on Valentine’s Day I just want to let all the Sellers going through this difficult time that your home is where your heart is and may God Bless you during this difficult time.

So should a Seller do a short sale? First you need a good negotiator working on your file.  Benefits of a short sale:

1.  The Forgiveness of Debt Act which expires on December 31, 2013 allows Sellers who own their properties as homestead to waive the tax ramifications should the bank forgive the debt.  Up to 1 Million Dollars for a Single Individual and $2 Million Dollars for a married couple.

2.  The Bank will report the short sale on their credit report as being settled for less.

3.  The Sellers may receive some money to relocate.

4.  The Sellers may not have to pay a cash contribution or a promissory note.  Again this depends on your negotiator/realtor.

5.  The Bank will not go after the Seller for the difference if you get a full satisfaction otherwise they have the right to collect on the Seller for up to 25 years.

6.  The stress is gone and they have relocated into a bigger and better home most of the time.

I would recommend on this Valentine’s Day that a Seller give their family and themselves the gift of decision.  Please read my Special Report on Foreclosure which talks about all your options.  www.FreeFactsAboutForeclosure.com

 

Again your home is where your HEART IS and your family will go wherever you go.

May this Valentine’s Day you find peace.

Kimberlee Frank – Broker

www.SellFastRealty.com

 

 

 

 

 

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Announcing Sell Fast Realty’s #1 Million Dollar Sales Associate for 2012 EVELYN GOOD

Wednesday, January 9th, 2013 at 4:43 pm  
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Sell Fast Realty’s #1 Million Dollar Sales Associate for 2012

PROUD TO ANNOUNCE – Evelyn Good 

Congratulations Evelyn the Sellers and Buyers could not have found a better Sales Associate and Friend for life!

Let me share a little inside information about my good friend, Evelyn Good.  I have known Evelyn Good for since 2007 and here are the qualities that you will find about Evelyn:

  • Caring, Considerate, Kind, Warm-hearted, Honest, Hardworking, Christian
  • Aggressive, Consistent, Focused, Determined, Organized,

I have to laugh this year because the first of the year, Evelyn promised me that she would behave.  I have so many Evelyn stories of how she has helped Sellers and Buyers to sell and/or purchase their property that would drive an average away from being a real estate agent.  Every property comes with a crazy story.  In order to sell that many houses working Sellers, Buyers, Realtors and Banks, why won’t their be stories.

I can remember one property that was a short sale that we were working with Bank of America.  We had done all the paperwork, had a buyer and the Bank won’t postpone the foreclosure auction sale date.  Evelyn watched the property after it went to sale and later found out that the Bank rescinded the sale against the Sellers. The property was listed with another Realtor called an REO Agent, work was done on the property and they had a buyer.  When it went to closing, the Bank found out that they didn’t have clear title and they couldn’t sell the property.   The listing was removed and the property was just sitting.  Evelyn did research on the property and found out what happened and contacted the Sellers.  I can’t tell you how excited the Sellers were when they found out that they still have a chance to sell the property and get the difference waived.  The Sellers got the property back with updates that were made to the property which included paint and carpet.

We listed the property and within 5 days we had multiple offers.  The Sellers took the highest offer and a backup offer.  The short sale process went quickly since the Bank knew they would have to do the entire foreclosure process again if they didn’t agree to a short sale.  We got a short sale that gave the Sellers a full satisfaction of the debt waiving the difference of what was owed.  Boy you should have seen the excitement in the Sellers faces, in addition to Evelyn Good.  If I didn’t know better, I thought it was Evelyn who sold her own property and was not responsible for the $75,000.00 plus difference.  She was more excited than the Sellers.

So the moral of the story is, if you want to find an agent that is “Good” and has dealt with all kinds of crazy situations I personally endorse Evelyn Good as your Agent/Friend.  Good job Evelyn! May God continue to bless you in helping Sellers and Buyers sell/purchase homes.

Evelyn, I couldn’t ask for a better Sales Associate but most of all a good friend.

Love,

Kimberlee Frank

Broker of Sell Fast Realty

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Veteran Short Sales his house keeps is VA Eligibility

Tuesday, February 28th, 2012 at 12:05 am  
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Veteran Short Sales his house keeps his VA Eligibility

When I moved my office into Winter Springs Centre, in Winter Springs, Florida rented a unit right next to the Eagles Club.  The Eagles Club also known as The Fraternal Order of Eagles, The Fraternal Order of Eagles is an international non-profit organization uniting fraternally in the spirit of liberty, truth, justice, and equality, to make human life more desirable by lessening its ills and promoting peace, prosperity, gladness and hope.

I joined the Aerie Eagles Club #4449 which has many members including many veterans.  I liked the club because it was a private club, helps so many charities and the fact that it is right next store to my office.  I still can remember one of the first times I was in the club and they had the music playing and was questioning “I wonder who is moving in next store?”  Someone asked to turn up the music and the bartender said “no” out of respect of the new neighbor.   I laughed and said who cares about that new neighbor they won’t care, turn up the music.  However, they wouldn’t turn it up until I said I am the new neighbor and I like music please turn it up.  That was a beginning of a great friendship with the members of the Aerie Eagles Club #4449.

Eagle can Fly Now

The more I went into the club, the more questions members would ask about foreclosure versus short sales and how it would effect a veteran and their eligibility.  Even though I had done well over 500 short sales, I had never done a VA short sale before and didn’t know what would happen when I did.  Now I do know.  Here is the the story:   I recently represented a Veteran, Patrick, who didn’t know what he was going to do with his house.  He had purchased a manufactured home on land for $125,000.  He was in foreclosure and very frustrated about the situation.  His hours were cut from his place of employment and on top of all the craziness his wife and him separated.  The house was in bad shape.  There was a lot of water damage by the front bay window causing interior and exterior damage.  The value of the home with the land was $25,000.

I tried putting Patrick through the HAFA Program and he was denied the $3,000 because he had vacated the home.  However, I did get the bank to agree to the short sale and not go after him for the difference.  So, he received a full satisfaction of the loan on his home.  I was at the club tonight when he told me that he recently received a letter from Veterans saying “That he still has his eligibility to purchase another home however, could not use that eligibility certificate for 6 MONTHS.”  I was so excited for him as 6 months is nothing!  He even told me that his credit increased by 15 points because the loan was now paid off.   He told me that he can now sleep at night thanks to me and in the future, not that he wants another house now, he can use his VA  Eligibility when he wants too.

I told him that if you short saled a FHA loan that the homeowner won’t be able to get another FHA loan for at least 2 to 3 years and that 6 months was great.  So, if there are any Veterans out fighting the stress of foreclosure and  wondering if they should do a short sale versus foreclosure, I am suggesting that a short sale is better.  Why lose your VA Eligibility Certificate when you fought for our country and you deserve to keep it!

Thanks to all the veterans in this world we love you and should you have any questions or need my assistance, call me at 407-888-3433.

God Bless,

Kimberlee Frank

www.SellFastRealty.com

 

 

 

 

 

 

 

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