Archive for 'short sale'

Will my Lender pay me any money to move with the HAFA program?

The Home Affordable Foreclosure Alternative (HAFA) program does allow a relocation fee of up to $3,000 paid to the homeowner if they claim their home as a homestead exemption.  The HAFA program does not apply to investment properties.  The deadline for the HAFA program is DECEMBER 31, 2012.  If you are considering a short sale and you would like to be paid $3,000 through the HAFA program to relocate, please call us immediately as it takes time to do the short sale.  There are other requirements such as having a utility bill in your name and having occupied the home within the past 12 months.  The HAFA terms are subject to change based on your loan.

The HAFA program does put a stipulation on participating lenders (not all lender participate in this program), that they will accept the short pay with a full satisfaction of the loan and not go after you for the difference known as a deficiency judgment.

There is a stipulation put on the buyer of the property that they will not resell the property for 90 days.  If an investor was going to buy your house to fix it up and resell it, they would have to own the house for 90 days before reselling it.  Sometimes, there is not enough profit to the investor to do that, so it is very important when using this program that the buyer is fully aware of the lender’s stipulations.  As your Realtor, we pre-qualify all buyers to let them know the lender’s requirements including the HAFA program.  This prevents the so-often-heard scenario of sellers getting their short sale approval letter and then the buyer doesn’t qualify to buy the property and the entire file gets shut down and you have to start all over again.

At what point during the short sale process, should I move out of the house?

This will vary per situation.  I have homeowners stay all the way to the week before the closing and I have other homeowners move out right away.  Do you have family or friends you can live with or are you going to rent somewhere?   Most people never even think about the fact that they may not qualify to live somewhere else due to their credit.  If you are not going to do a loan modification, you need to find a place to live now while your credit is decent.  We suggest that you submit rental applications as quickly as possible.  Many people are actually renting bigger and better homes, sometimes even in the same neighborhood.

Many homeowners will stay in the house to the last minute thinking that they are saving money.  This could actually cost them money for various reasons and by that time, they may not qualify to rent a new house.  If the house goes to foreclosure for $150,000 plus attorney fees etc. and the house could have sold for $90,000, it cost the homeowner $60,000 to live there.  Remember everyone’s circumstance is different and you need to make sure to protect you and your family.

What’s the next step for me?

Take Action Now by calling us at 407-888-3433 or call the Sell Fast Realty Agent who provided you with this Special Report.  You can also go online at www.SellFastRealty.com or www.FreeFactsAboutForeclosure.com and fill out the contact information.  Please be sure to fill out the form completely for a quicker response.  We will contact you personally within 24 hours to tell you how our expert short sale team can relieve your stress….. Our #1 Focus is YOU!  I am honored that I can educate you with the true facts about foreclosure and we can see if the HAFA program is for you. I am sure you have some more questions after reading this Special Report and we look forward to discussing them with you on a personal and confidential call with you.

Kimberlee Frank
Real Estate Broker & Short Sale Negotiating Expert
407-888-3433
www.shortsalenegotiating.com
 

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How will my credit be affected on a Short Sale, is there any advice you can give me? 

Disclaimer:  I am not a credit expert and I am responding to you based only on my understanding of the affects on credit.  Making late payments on any debt will lower your credit score based on the amount of days you are late on your payment.  It is my understanding that on average, a short sale on your credit report is a negative 150 FICO points versus a foreclosure on your credit report is a negative 250 FICO points.

Please note that these figures change on a regular basis.  I highly recommend that doing a short sale is better than letting the house go to foreclosure.  If your house goes to foreclosure, it will be 5 to 7 years before you can purchase another home.  The short sale on a credit report versus a foreclosure shows good intention on your behalf.  You took action against the debt and negotiated a settlement versus just walking away.   A short sale also allows you to clean up your credit with the possibility of purchasing a new home after 2 years.  I do refer you to a credit counselor after selling your home on a short sale.

My friends keep telling me to do a loan modification.  Are there any benefits of a loan modification versus a short sale?   

The most obvious benefit of a loan modification (loan mod) is that you get to keep your house. Many people want to do a loan mod because they want to keep their house. The drawback on a loan mod is that most lenders will adjust your payment; however, they will not adjust the balance of the loan on the property down to the current market value.

Loan mods are free through the lenders and I would recommend if you are interested in keeping your house that you attempt the loan modification yourself. Please be aware you will have to be very persistent and very patient to go through the extremely lengthy loan modification process.

 During the loan modification process, will the lender stop all foreclosure action against me?

 I cannot guarantee they will, since most of time once the lender has paid an attorney to do their job, the attorney will continue on with foreclosure process.  The lender still has the right to continue with the foreclosure action against you.  Many times the homeowner can’t afford the loan modification given to them from their lender.

Should I do a Deed in Lieu of Foreclosure? 

Lenders want money not your house.  A Deed in Lieu of Foreclosure gives the property back to the first mortgage company who may or may not waive a deficiency judgment. If there is a second or third mortgage on the property, you probably don’t qualify because you cannot provide clear title to the first lender.  In addition, if they did take the Deed in Lieu of Foreclosure, you would also receive a deficiency judgment for the second and/or third mortgage.  When you received a mortgage on your property you also gave the lender a mortgage note. You promised to pay this debt with or without the property being attached as collateral.

What’s the next step for me?

Take Action Now by calling us at 407-888-3433 or call the Sell Fast Realty Agent who provided you with this Special Report.  You can also go online at www.SellFastRealty.com or www.FreeFactsAboutForeclosure.com and fill out the contact information.  Please be sure to fill out the form completely for a quicker response.  We will contact you personally within 24 hours to tell you how our expert short sale team can relieve your stress….. Our #1 Focus is YOU!  I am honored that I can educate you with the true facts about foreclosure. I am sure you have some more questions after reading this Special Report and we look forward to discussing them with you on a personal and confidential call with you.

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How is Sell Fast Realty different from other Realtors?

I understand my sellers’ needs because I, too, have been down the foreclosure road.  I can tell you life does get better when you decide to make a decision.  Making a decision that is best for you and your family is a huge relief!!  I know how you feel when you start receiving all of the telephone calls, the amount of worry and stress that you and your family have to endure during these times.  So, if you want to know from someone who has been there, done that, and has the T-shirt to prove it……oh, and survived it…..then that would be me.  And, that is why Sell Fast Realty works so hard for you, because I know your pain!

We understand all the ups and downs and that is why we love to help sellers because life is too short to fight with the lenders.  Money is the #1 reason why families fight and why couples get divorced.  We make sure the lenders know that you are a person and not just a file number.  Many of the people working at the mortgage companies really don’t care about your situation, as they are overwhelmed with the number of people in the same situation as you.  We treat each and every family with care and make sure the lender knows you are a person not a file number.

The difference in working with me and my Sell Fast Realty team is that I have been in real estate since 1998.  We work daily with sellers who are in foreclosure. We are short sale experts who have direct numbers to the managers and supervisors of the lenders. So we don’t have to wait on that 800 number on hold forever. We know the exact words to say and know what type of package to send into the Lender to get your short sale through faster.

Just because a Realtor can list and market your property doesn’t make them a short sale expert. Many Realtors outsource their short sales for another company to negotiate, as we receive a lot of referrals. We personally negotiate your short sale; we are not a huge corporation, we work personally with you one on one. You always know the status of your short sale.  We have closed over 500+ real estate transactions with homeowners just like you.  When dealing with Sell Fast Realty, you will surely know that you are in good hands.  Our #1 Focus is YOU!

What qualifies Kimberlee and her Team as Short Sale Experts?

Kimberlee Frank is known as “The Real Estate Junkie,” for her unique ability to find ways to creatively help buyers and sellers no matter which direction the real estate market is heading.  Kimberlee had already worked as a legal administrator for an Attorney, Builder and Broker for 18 years when she began her Real Estate career in 1998.  She dotted the i’s and crossed the t’s on hundreds of real estate transactions and thousands of documents, making her an expert in real estate documentation.  Kimberlee’s success began in Fenton, Michigan.  She specialized in selling, purchasing, renovating, retailing and lease optioning single-family homes.  She has helped many sellers get rid of their “headaches” and helped many buyers find their dream homes!

Since 2003, she has specialized in foreclosures and short sales.  After realizing how many families were being forced out of their homes due to financial difficulties, Kimberlee had a heartfelt obligation to use her experience to help those families.  She has mitigated and closed over 500 short sales with the mortgage companies, saving sellers from going into foreclosure and saving her sellers over $37 million….and counting!  In 2006, Kimberlee and her family moved to Florida.  She lives in Oviedo and her Sell Fast Realty office is in Winter Springs, serving residential and commercial sellers and buyers in multiple counties throughout Central and Southern Florida.

Kimberlee is also a Trainer and Mentor and has created several different “How To” systems on real estate.  Her unique strategies continue to educate real estate professionals across the country, giving them the best tools to continue helping families.  If you have a proven system to help others out of hardship, why wouldn’t you duplicate it and share it with as many people as you can?  Kimberlee continues to work with this philosophy!

Kimberlee Frank has been featured on ABC, NBC, FOX, CBS as well as Wall Street Journal, Newsweek, USA Today and numerous other publications.  She is the bestselling author of “Big Ideas for Your Business” (Advantage Media 2009).  She was also selected as the #1 Short Sale Expert by America’s Premiers Experts.

What’s the next step for me?

Take Action Now by calling us at 407-888-3433 or call the Sell Fast Realty Agent who provided you with this Special Report.  You can also go online at www.SellFastRealty.com or www.freefactsaboutforeclosure.com/ and fill out the contact information.  Please be sure to fill out the form completely for a quicker response.  We will contact you personally within 24 hours to tell you how our expert short sale team can relieve your stress….. Our #1 Focus is YOU!  I am honored that I can educate you with the true facts about foreclosure.  I am sure you have some more questions after reading this Special Report from Sell Fast Realty and we look forward to discussing them with you on a personal and confidential call with you.

Kimberlee Frank
Real Estate Broker & Short Sale Negotiating Expert
407-888-3433
www.shortsalenegotiating.com

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