Foreclosure on White House avoided thanks to Short Sale

It is a fact that when you don't pay the mortgage you are facing foreclosure.

And not everyone can print money to bail out...

On the other hand, what's the point for the bank to foreclose on a property when it is worth less than the mortgage?

In today's market more and more people have properties that are 'upside down' and there are many advantages for both lender as owner to find common grounds.

That's what happened to Bobby A. who bought a beautiful white house in Windermere, Florida.
He could not pay the mortgage anymore and was facing foreclosure when he got a letter in the mail from MonkeySold.
He decided to try and use the solution offered in the letter and two weeks later an open house was organized with a bidding process on the house.
This resulted in a contract on the house that could be submitted to the bank for a short sale.

Short sale is a great solution for people facing foreclosure because in that case the bank does not need to spend money on the foreclosure process, nor does it need to buy back the property and maintain it to further sell it at a bigger loss.

More and more people are coming to MonkeySold for help.
We have developed a processing system that reduces the time to get a response from the bank on a short sale by 50 to 70%, says Timothy Swider.
Timothy, who is one of the leading partners in MonkeySold, has put his airline pilot training to work in the company. By creating checklists and standardizing documents and processes he has turned the administrative heart of the company in a well oiled production machine. With state of the art technology, powered by Apple, the company now processes 10times more short sale files than when it started 6 months ago.

The company will handle more than 200 short sale files a month and is ready to take on more.

What are the benefits of selling your home in a short sale?
Besides of avoiding the hassle, costs and fear of going through a foreclosure procedure there is a much greater benefit. People can stay in their home until the sale is closed and notice will be sent to the credit bureau agencies to report the mortgage as "settled for less than the amount due' On top of that there are no fees charged for the program as all related costs are paid out of the proceeds of the sale.

So why wait?
Get that Monkey of your back now and call 866 614 6993 or visit www.monkeysold.com





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Get real after viewing this. Go Short Sale! Not for sensitive viewers.

This is reality folks. If you are in trouble then don't let it come this far. There's something called 'Denial' ... get out of it, get real, ask for help. And most off all inform your spouse and loved ones. Facing foreclosure is hard, but with the right help and advise, it will just be one of those seasons in life. Let it pass, get through and move on. Helath, Love and Friendship are more important than a piece of property.

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Condo or Townhouse, the new Money Pit

Prices of Condo's have dropped significantly faster than single family home prices in Orlando.
The average single family home price is now $200,000, but the average condo price is $120,000. The problem is that as a owner of a condo you don;t have control over the condo fees.

Buying a condominium is not buying a free-standing, single family home. An element of politics enters your life when you choose to purchase a condo, as you will be turning over decision making on how the property will be maintained – or not maintained – to a board of directors. When you buy a condo, you become part of a condominium association, established by a declaration of condominium, with by-laws, rules, and fees, all governed by that board of directors.

A condominium is a legal concept where a group of people have banded together into a single economic unit, a community created as a corporation, which share the expenses for maintaining the common areas (sometimes called “common elements”) and separately, their own individual unit. Condo fees are established to maintain those common areas, and budget for major expenditures coming in the future.

Condo fees are established by the board of directors of the condo association, usually on an annual basis. They should take into account not only historical data on expenses, such as heating and lighting common areas, but also be forecasting future needs such as roof replacements and large projects that will face the association, as a whole, sometime in the future. The board also needs to adequately insure the common areas, so in case of a major catastrophe, the financial burden to the individual unit owners is limited.

These fees, or assessments, are charged to the individual unit owners on a regular basis, either monthly, quarterly, or annually. And sometimes, if the condo board has not been thinking ahead, via a special assessment that could literally bankrupt the individual unit owner and cause the condo association to foreclose on their unit for non-payment.


Condo fees will, inevitably, rise every year, since certain common area expenses will, inevitably, rise every year, too. Condominium fees (some call them “dues”) are akin to taxes, which (in a perfect world) are used for the common good, and improvement of the environment around you. Those dues also have legal weight, since if you fail to pay them, there is an automatic lien on your unit (usually) for the amount of those dues which the condo board has the authority to foreclose on.

Items common to every condominium budget:

* Utility expenses
* Common area maintenance expenses
* Common area reserves
* Insurance expenses
* Real estate taxes
* Audit fees

In larger condo associations, there may be income sources to consider, such as parking structures, pools, tennis courts, etc. The condo board determines whether or not those facilities will be available to the general public – for a fee – or solely available to the condo members and their guests. In some cases, there also may be ancillary facilities such as meeting rooms, party rooms, and such which the condo board can charge a fee for use.

Common area reserves are established for long-range planning – What happens when a critical component such as a central boiler or cooling system wears out, or the roof needs replaced?

The condo board can address the issue of the eventual failure of major components in one of two ways. They can ignore that eventually these components will fail, and put the full burden of that expense on the people owning units within the building at the time the component needs to be replaced; or, charge a projected amount, based on the expected life-expectancy of the component and the estimated cost to replace it to each unit owner annually, and invest those funds until such time as they are needed.

If the board fails to adequately reserve funds for the failure of a major component, they will be forced to levy a special assessment in order to pay for it. That special assessment could be a major hit, immediately due in full. This leaves the individual unit owner with the burden for planning, and saving, for that financial hit to occur.

This primer on condo fees, and what they cover, should prove valuable to you in analyzing whether condo ownership is right for you, whether a specific condominium association is where you want to be, and a good primer for a fledgling condominium board member struggling to understand what they’ve gotten themselves into by agreeing to be on the board.





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Why does a 90 year old woman shoots herself after being served with foreclosure notice?

Addie Polk, 90, of Akron, Ohio, became a symbol of the nation's home mortgage crisis when she was hospitalized after shooting herself at least twice in the upper body Wednesday afternoon.

This lady was terrified after being served with a foreclosure notice.

My advice is not to worry when you are getting served, you don't have to leave the house. Don't let people's horror stories frighten you.

Once you are served, and believe me you WANT to be served, you have 20 days to reply.

So...Just Reply!!

Please reply!!

Reply whatever you want, I suggest that you reply that you are working with a Realtor on a short sale and that the package is in the landers hands and that it is waiting to be signed off and that you are requesting for a 180 days delay in foreclosure to get the paperwork done.

And believe me or not you will get extra time

So don't panic but be proactive, work with your lender.

Ask advice from a legal counsel or from a licensed real estate agent,
These should have standard letters and specialized attorneys lined up to help you, just call us and remember don't panic!

CU
next time,
Monk








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Hud Foreclosures Only $100 downpayment required

Effective immediately, FHA has extended the $100 HUD Repo Program that allows borrowers to purchase HUD-owned properties. In addition to requiring only a $100 down payment, borrowers may also obtain financing up to 110% of the loan amount. Appraiser-required repairs up to $5,000 and all closing costs and pre-paid expenses may be financed up to 110% of the lesser of the appraised value or purchase price.

In many cases, additional HUD incentives apply. In some markets, additional borrower incentives, as high as $2,500, may be used toward closing costs and pre-paid expenses. In more limited markets, selling real estate agents may also be eligible for up to $500 in sales incentives when borrowers choose certain FHA financing. These incentives are provided by HUD, and may be changed or discontinued by HUD at any time.

HUD-owned properties may be researched on the Web sites of the management companies each
FHA Homeownership Center has hired to market HUD-owned properties under their jurisdiction.
FHA provides a link to each state’s management company at http://www.hud.gov/homes

.. NHMS – Florida, New York, New Jersey, Ohio

Not all states and/or counties may be eligible for the $100 down program.

I thought you all might be interested in this, have a great day!

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Short sales are the way to go!

Short sales are the way to go!
And I know, believe me. I have lost all my savings by investing in real estate. Although I was cautious and have been putting 20 to 30% down. I still got in trouble because of a high vacancy rate.
So let me share some experience.
When you see it coming and you know you’re going to fall behind, you are desperately trying to save your credit.
So first thing you do is trying to be pro active.
You call the bank, explain the situation and ask for a loan modification or any other help.
And what do they reply?
Sorry, can’t help you.
Why?
You’re not behind in payments.
So? You’re telling me that I have to stop paying in order to get you to help me?
Uhh,
It’s so frustrating but it is a fact, you have to stop paying for them to listen or help!
Well, when you stop paying, your credit gets a hit.
Result of that is that they won’t help you because now you have bad credit.
So, they are shooting themselves in the foot.
Now, here’s the deal.
In a short sale the bank accepts a lower payoff, they waive deficiency Judgment and it appears on your credit report as a settled debt.
That’s much better than a foreclosure or judgment.
Now You’ll be able to apply for another loan in about 18 months.
Why would a lender do that?
They look at the actual value of the property, that means today’s value, Not what you owe.
Because they know if they foreclose they are only going to get market value or below anyway.
On top of that, a foreclosure is costing the lender on average $50,000 and it is bad for the lenders credit score as now they have an increase in foreclosures. So they are seen as bad lenders, and as a result of that they need more reserves, that means less money to work with.
Are you still with me?
The best is yet to come
So, Now the lender accepts my buyers short sale offer, forgives me the difference in what I owe and what the property is sold for AND waives deficiency judgment against me.
Good Stuff.
Now watch out!
When you decide to go that route, make sure that you use a licensed Realtor or specialized processing company. Don’t try this on your own!
Do you due diligence, ask the Realtor how many short sales he has successfully done, check out the Better Business Bureau. Because time is of the essence. And the clock is ticking.
Also once you work with someone, keep checking with your lender, nothing wrong with checking if your Realtor does his job.
Last but not least, make sure you have an offer on the property!
Any offer will do.
Why?
Because, again, your Lender won’t move as long as you don’t make him to.
Why does an offer make them move?
They have to, because if they don’t, you will tell the Judge.
So, now they appoint an appraiser, they check out the value and will get back to you with a Yeah or Nay.
When it’s a Nay, you’ll know how much they are looking for and believe me they are not unreasonable.
As long as you or your Realtor don’t come up with one of those ‘investors’ offers and try to steal the property from the bank, they will accept any offer that is close to market value.
So what are you waiting for?
Get that Monkey Off of Your Back!
Go short sale!

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Doc Stamps on Short Sales

Great  News that I wanted to share………..Have a great day

 

Department of Revenue final official letter ruling doc stamps on short sales are not due on loan amount forgiven by existing lender over the amount paid off from the sales proceeds where the amount of the excess debt is forgiven or released.

 

Note that doc stamps would be due up to the full amount of the debt less the amount paid from the sale proceeds if the lender takes back a note for the amount not paid in the sale or does not provide a release of the obligation in full.