Over 22% Of Residential Mortgages Are Upside Down

A New Study Shows That Over 22% Of Residential Mortgages Have Negative Equity

According to a new report by CoreLogic released this week, shows that over 22% of residential mortgages nationwide are upside down. In Florida, reports show that 45% of residential homeowners owe more than the property is worth. This is double the national figure. CoreLogic’s representative claims that the high number of negative equity does not aid in the recovery of the Real Estate market making it difficult for homeowners to refinance or sell their homes.

Some of the other states show sings of decline on their negative equity rates, but that is due to the high number of foreclosure properties. Once the property is foreclosed on, the rate of negative equity decreases. The high number of homeowners that are showing negative equity on their mortgages indicates that our housing market is slow in the recovery road.

If you are facing difficulty making your payments, we advice you to consult with a professional and learn all of your options and consequences. For more information about the south Florida short sale process, or if you are facing foreclosure and need help, call us today. We are here to help South Florida Homeowners in default with their mortgage. Our services are free to the homeowner, and we can help you to work with your lender to avoid foreclosure. Call 954-380-2145 for more information.

No New Jobs In August Equals More Foreclosures

The Unemployment Rate Held At 9.1% As No New Jobs Were Created In August

Last Friday, the US Department of Labor released the new figures reflecting that the unemployment rate in August did not change from July and remains at 9.1%. One of the most affected sectors is the construction industry. The construction industry has one of the highest unemployment rates nationwide. Home building not only affects construction workers and  material providers, but it also affects a variety of other industries. The creation of new jobs is essential for the improvement of the economy. With more and better jobs, more families are able to afford their living expenses, thus reducing the rate of default on their mortgages.

We hope that the unemployment rate improves this month, and more South Florida homeowners find good quality jobs, thus decreasing the rate of mortgage default and decreasing future foreclosures.

If you are facing difficulty making your payments, we advice you to consult with a professional and learn all of your options and consequences. For more information about the south Florida short sale process, or if you are facing foreclosure and need help, call us today. We are here to help South Florida Homeowners in default with their mortgage. Our services are free to the homeowner, and we can help you to work with your lender to avoid foreclosure. Call 954-380-2145 for more information

How Much Time Do I Have To Move After I Start A Short Sale?

South Florida Homeowners May Have 4 Months Or More In Their Homes After They Start The Short Sale Process

I often get the same question from South Florida homeowners who start the short sale process with me. How long do I have until I need to move? The answer varies, because it depends on many factors that we can’t control.

It could be as quickly as 4 months, and I have had short sales that take over a year to close. Sometimes, the original buyer decides to cancel the contract, and we have to find a new buyer. In other occasions, the loan may be transferred to a different bank, so the file has to be re-submitted. The fastest short sale I have done was in 4 months. Even after we get the written approval from the bank, we still have at least 30 days (in most cases) to close. By analyzing your specific situation, we can give you a better idea of a time line from start to finish.

If you are facing difficulty making your payments, we advice you to consult with a professional and learn all of your options and consequences. For more information about the south Florida short sale process, or if you are facing foreclosure and need help, call us today. We are here to help South Florida Homeowners in default with their mortgage. Our services are free to the homeowner, and we can help you to work with your lender to avoid foreclosure. Call 954-380-2145 for more information.

South Florida Homeowners Who Don’t Qualify For Loan Modification Can Do A Short Sale

You Can Still Qualify For A Short Sale Even If You Don’t Qualify For A Loan Modification

Many homeowners are concerned in qualifying for a short sale when they didn’t qualify for a loan modification. The process is not easy, and the extensive amount of paperwork that the banks require is sometimes too much for the homeowner to apply again for help.

If a loan modification application is denied, the homeowner can still apply for a short sale. Usually, with a loan modification, the lender looks at the ability of the homeowners to make the monthly payments on time for the years to come. They look at reducing the interest rate and increasing the loan period usually from 30 to 40 years to ensure that the monthly payments are about 30% of the homeowner’s monthly income. This will most likely allow the homeowner to continue to make his monthly payments to the bank.

With a short sale, the bank looks at the homeowner’s current hardship and the ability to continuously make mortgage payments in the future. For example, if a homeowner lost his job and he is still unemployed, or if his income was reduced significantly, the likelyhood of the owner making the mortgage payments on time is very small. In those cases, a short sale is the best alternative.

Remember, the bank wants to help you find the best solution. If you want to stay in your home, and you can make the mortgage payments, then a loan modification is the best solution. If you lost your job, lost part of your income, or if you have too much debt and can’t afford the costs of the home anymore, then a short sale may be the best fit for you.

If you are facing difficulty making your payments, we advice you to consult with a professional and learn all of your options and consequences. For more information about the south Florida short sale process, or if you are facing foreclosure and need help, call us today. We are here to help South Florida Homeowners in default with their mortgage. Our services are free to the homeowner, and we can help you to work with your lender to avoid foreclosure. Call 954-380-2145 for more information.

Beware… Short Sale Fraud Is High In South Florida

A New Report From Freddie Mac Shows An Increase In Short Sale Fraud

Pre-foreclosure transactions, like short sales, are being pushed at a fast paced to avoid foreclosure. For Freddie Mac, short sales have increased 14% in 2010 from previous years, but with an increase in short sales also comes an increase in fraud.

There are many different cases where the parties in a short sale transaction can commit fraud. Often, some of the parties involve look to buy the short sale property with the purpose of flipping it. This can be done by manipulating the title, mortgage documents, and sometimes the BPO (Broker Priced Opinion) showing the house is worse shape than it really is. Some agents or negotiators will hide higher offers from the bank with the purpose of pushing theirs through, so they can flip the house in the near future.

The most common fraudulent short sale transaction involves the homeowner.  The property is sold through a short sale to a homeowner’s relative so the homeowner can stay on the property at a lower costs. For this reason, Freddie Mac and other servicers implemented affidavits that all parties in the transaction have to sign. This helps the servicers to protect themselves and enforce their rights if necessary.

If you are involved in a short sale transaction, and you feel that it is fraudulent, you are in an obligation to report the suspicious transaction. Otherwise, you could be liable just as much as the parties committing the crime.

If you are facing difficulty making your payments, we advice you to consult with a professional and learn all of your options and consequences. For more information about the south Florida short sale process, or if you are facing foreclosure and need help, call us today. We are here to help South Florida Homeowners in default with their mortgage. Our services are free to the homeowner, and we can help you to work with your lender to avoid foreclosure. Call 954-380-2145 for more information.

South Florida Short Sales May Increase In The Coming Months

The Number Of South Florida Homeowners Defaulting On Their Mortgage Payment Is Up

A new study from the MBA (Mortgage Bankers Association) revealed that the rate of default for mortgages increased 8.4% from the first quarter on 2011. The study includes homeowners that are late only 30 days. This increase is attributed to many factors, including the deterioration in the labor market.

The good news is the amount of foreclosures is down to the lowest point since 2007. This is accredited to all the different programs available for homeowners to avoid foreclosure. These programs include Loan modification, Short Sales, Deed-In-Lieu and other government incentives like HAMP and HAFA. The implementation of these programs and reaching out to the homeowners in trouble are key to keeping the foreclosure rate low.

If you are facing difficulty making your payments, we advice you to consult with a professional and learn all of your options and consequences. For more information about the south Florida short sale process, or if you are facing foreclosure and need help, call us today. We are here to help South Florida Homeowners in default with their mortgage. Our services are free to the homeowner, and we can help you to work with your lender to avoid foreclosure. Call 954-380-2145 for more information.

The Homeowners Association Can Foreclose On Your Home

South Florida Sellers That Do Not Pay Their HOA Dues Have The Risk Of Foreclosure

I have encounter many South Florida homeowners who during the short sale process refuse to pay their homeowners’ dues. They want to have the bank pay the dues at closing out of the bank’s proceeds. What many don’t realize is that homeowners associations have the right to file foreclosure against the homeowner for non-payment.

I have seen many cases where the community association forecloses on the property, and then turns around and rents the property to collect the past due amount by the homeowner. This doesn’t mean that the bank has no right over the property. The bank can also foreclose on the property and get the property back from the homeowners association by satisfying the amount past due to the HOA.

If you are facing difficulty making your payments, we advice you to consult with a professional and learn all of your options and consequences. For more information about the south Florida short sale process, or if you are facing foreclosure and need help, call us today. We are here to help South Florida Homeowners in default with their mortgage. Our services are free to the homeowner, and we can help you to work with your lender to avoid foreclosure. Call 954-380-2145 for more information.

Do I Have To Be Late On My Payments To Do A Short Sale?

Being Late On Mortgage Payments Is Not A Requirement For A Short Sale or Loan Modification

Many South Florida homeowners wonder if they have to be late on their mortgage payments in order to do a short sale. Currently, there are many programs to aid homeowners that are not late on their payments, but are most likely soon to be. The homeowners need to show distress and circumstances that will cause them to be late on their monthly mortgage payments.

The reality of the situation is that many homeowners do not start to seek professional help until they are many months late on their mortgage. Many times, I receive calls from South Florida homeowners that claim to be over 5 months late on their payments and they just started seeking help.

It is never too late or too early to seek professional help or to contact your bank for information. Many lenders are getting incentives from the government to aid homeowners who are not yet late on their mortgage. So, if you feel that you are not going to be able to make that next future payment, or if you are currently not able to pay your mortgage, seek help and advice right away, do not wait! Call a professional or your lender to learn about your options.

If you will like more information about the south Florida short sale process, or if you are facing foreclosure and need help, call us today. We are here to help South Florida Homeowners in default with their mortgage. Our services are free to the homeowner, and we can help you to work with your lender to avoid foreclosure. Call 954-380-2145 for more information.

Foreclosure Shadow Inventory Decreased 5 Months

The Shadow Inventory For South Florida Foreclosures Is Getting Smaller

A recent study by Standard & Poor’s (S&P) showed the foreclosure shadow inventory decreasing 5 months. This is the first decrease since 2008. Shadow inventory is considered all the properties where homeowners are 90 days or more late on their payments, properties in the foreclosure process and REO properties that the lenders hold in inventory.

The current shadow inventory is estimated to be 47 months by S&P. Which means that it will take that long to clear all the current REOs and properties in foreclosure. The slow foreclosure process over the past few years has allowed the rate of shadow inventory to increase. However, the continuous work of the lenders to speed up the foreclosure process is helping the shadow inventory rate to decrease.

If you will like more information about the short sale process, or if you are facing foreclosure and need help, call us today. We are here to help South Florida Homeowners in default with their mortgage. Our services are free to the homeowner and we can help you work with your lender to avoid foreclosure. Call 954-380-2145 for more information.

New Short Sale Listing In Vizcaya Miramar

New Short Sale In Santorini Isles At Vizcaya Community In Miramar

Great Deal For This 3 Full Beds Plus Den and 3 Full Bath Corner Home With 2 Car Garage. This Property Features Vaulted Ceilings, Knock-Down Walls And Ceilings, Newer Kitchen With Wood Cabinets, Granite Countertops & Stainless Steel Appliances, Separate Laundry Room, Master Bath With Separate Roman Tub & Shower, Split Floor Plan, Hurricane Panels & Much More! Maintained Community Includes Security Alarm, Club House, Guard Gated & Many Amenities More.

This Short Sale is only 1 bank with a fast approval process. Please contact me for more information about this property, or to schedule a showing. If you will like more information about the short sale process, or if you are facing foreclosure and need help, call us today. We are here to help South Florida Homeowners in default with their mortgage. Our services are free to the homeowner and we can help you work with your lender to avoid foreclosure. Call 954-380-2145 for more information.