Investment and Vacation Real Estate - Orlando, Florida

As Foreclosures Rise, Mortgage Market Stumbles
October 2nd, 2008 12:17 AM

As Foreclosures Rise, Mortgage Market Stumbles

Mortgage foreclosures have grown 105.7 percent since April 2007, triggering a financial crisis in the mortgage banking business where billions in write-downs, buyouts and federal bailouts have ensued.

US Foreclosures Rise - Mortgage Market Stumbles

Graphic shows timeline of credit crisis events with banking and mortgage foreclosure data.

Source: 2008 associated Press

Orlando Foreclosure Listings  Orlando Short Sale Resources

Posted by Real Estate - Associates on October 2nd, 2008 12:17 AMPost a Comment (0)

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Common Critical Mistakes Made with Mortgages
October 26th, 2008 12:41 AM

Critical Mistakes Made with Mortgages

Below are the critical mistakes most people make with no solution for their mortgage problem.  When all their resources are depleated and there is still no solution to the impending problem, people find themselves in real trouble.

Common Critical Mistakes Made with Mortgage Problems:

  • Running up credit Cards to pay your mortgage.
  • Borrowing monry from family to pay your mortgage.
  • Hardship withdraws from retirement accounts.
  • Cash advances from employers.
  • Utilize other loans or home equity lines to pay your mortgage.

Source: TheMortgageSolution.com

Need to Stop Foreclosure?

Want to Save your Credit?

We may have a Solution -

  Florida Short Sale Center  

Stop Florida Foreclosures

Posted by Real Estate - Associates on October 26th, 2008 12:41 AMPost a Comment (0)

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Top Benefits for Sellers - Florida Short Sales
October 15th, 2008 10:24 PM

Benefits to the Sellers - Homeowners with a Short Sale?

  1. NO UPFRONT MONEY OR FEES REQUIRED 
  2. Eliminates mortgage debt and ongoing payments
  3. Seller can remain in the property during the process without making payments 
  4. Closing costs and real estate commissions are paid by the lender 
    Avoids foreclosure and the disastrous affect on your credit
  5. Can help avoid the need to file bankruptcy 
  6. You will have a team of certified professionally trained short sale specialists protecting your best interest

Through no fault of their own, many find themselves in a real estate distress situation. If you have no equity or owe more on your property than it’s currently worth, then a short sale might be the best solution. We negotiate with your lender on your behalf to get approval for a short sale. We will also get the lender in most cases to pay all sales costs, title fees, escrow in addition to our sales commissions.

Short Sale Agents Florida  Florida Foreclosure Listings

Posted by Real Estate - Associates on October 15th, 2008 10:24 PMPost a Comment (0)

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Six Steps to a Florida Short Sale
October 6th, 2008 3:24 PM

Florida Short Sales in Six Steps

Through no fault of their own, many find themselves in a real estate distress situation. If you have no equity or owe more on your property than it’s currently worth, then a short sale might be the best solution. We negotiate with your lender on your behalf to get approval for a short sale. We will also get the lender in most cases to pay all sales costs, title fees, escrow in addition to our sales commissions.

What’s the Short Sale Process?

1. Find out if a Short Sale fits your individual situation. Get prequalified. We offer a free phone consultation with one of our short sale specialist team members.
2. Complete a listing agreement and we aggressively market your property for sale.
3. A hardship Package is completed and submitted to the lender.
4. When a purchase offer is received, it’s submitted to the lender for approval.
5. Our professional mitigation team negotiates with the lender and buyer until a sale is approved.
6. Once approved, the file moves to closing. 

The short sale process can be very complicated, one that requires patience, persistence and a great deal of experience. All lenders prefer to work with Realtors who have mastered the intricacies of short sales. We will PROTECT your interests, financial information and documentation at all times. After your transaction is complete you will be released from all obligations under the mortgage, current and in the future. Also, as long as this property is your primary residence, you may be released from all IRS tax obligations for the forgiven debt (consult your tax advisor). Given the fact our professional short sale services are provided to you at NO COST, if you feel a Short Sale may be your best option, call us for a FREE – NO OBLIGATION consultation. 

                Short Sales Florida  Florida Foreclosures

Posted by Real Estate - Associates on October 6th, 2008 3:24 PMPost a Comment (0)

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Banks Purposefully Delaying the Foreclosure Process
October 3rd, 2008 12:29 PM

Growing number of prime borrowers in distress

First, the good news: the number of recorded foreclosure sales during August actually fell, according to data released Thursday by the coalition of mortgage servicers, counselors and investors known as HOPE NOW. The drop — from 91,902 foreclosure sales in July to 86,594 in August — was the first in the 14 months that group has been aggregating data from key servicers.

The not-so-good news, however, is that the drop may say more about servicing capacity and decisions than it does about a potential shift in the nation’s housing and economic woes, according to various sources. Equally troubling is data the continues to show  a growing number of prime borrowers in distress.

Some sources suggest properties in foreclosure are simply stalled — voluntarily or involuntarily on the servicer’s part — and not showing up as completed foreclosures.

“It is becoming increasingly apparent that lenders and trustees can either no longer process all of their foreclosures, or are purposefully delaying the foreclosure process,” said ForeclosureRadar founder Sean O’Toole  in September. The company maintains a database of foreclosure actions within California, which saw a plateau in foreclosure activity during August. complete story

Source: HousingWire.com - Diana Goloby

Stop Orlando Foreclosure  Orlando Real Estate

Posted by Real Estate - Associates on October 3rd, 2008 12:29 PMPost a Comment (0)

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Trapped by "Negative Equity" a Florida Short Sale may Help!
October 1st, 2008 12:27 PM

You've Just Been Offered a Great New Job in Charlotte!

Too bad you can't sell your house in Tampa.

And now it turns out that the current crisis might also undermine the efficient redeployment of human resources. A well-timed recent study by economists Fernando Ferreira, Joseph Gyourko, and Joseph Tracy finds that homeowners who have "negative equity" in their homes—that is, a mortgage that exceeds its resale value—are 50 percent less likely to move than those who can afford to pay off their mortgages with a home sale. Given where the housing market is headed, millions of workers may be locked in place in the years to come, throwing yet more sand into the gears of America's market economy. A great job opportunity in Charlotte, N.C., isn't worth much to you if you can't (or won't) sell your house in Tampa, Fla.

There are both financial and psychological explanations for why having an outsized mortgage on a relatively modest home reduces mobility. First, if you owe more on your house than you'll earn by selling it, you may not have the cash on hand to close the deal, let alone put a down payment on a new home. Higher interest rates will have a similar effect, pushing the cost of a new mortgage out of a potential homebuyer's reach. And if your mortgage is "underwater," odds are you'd be selling your home at a loss, a psychologically painful prospect to contemplate (what behavioral economists appropriately refer to as loss aversion). Rather than absorb that loss, people who bought at the market's peak tend to set high asking prices and, as a result, are forced to sit much longer on unsold homes or hold off on selling entirely, clinging to the hope that real-estate markets will recover.

Of course, these factors can be offset by the forced relocation that comes with default and foreclosure—when an owner is unable or unwilling to continue making mortgage payments, whether to move is no longer a matter of choice. complete story

Source: Slate.com - Ray Fishman

No Equity?  Behind on Payments?  Facing Foreclosure?

Need to Stop Foreclosure? Want to Save your Credit? We may have a solution - Florida Short Sale Center

Posted by Real Estate - Associates on October 1st, 2008 12:27 PMPost a Comment (0)

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