You have indicated that you are working with your lender in the loan modification department. Are you trying to save your home by modifying your loan? Has your loan agreed to a loan modification that you can afford or are you simply wanting to sell your home and move out of south Florida? If you have a verifiable hardship you could gain approval from your lender to sell your home as a short sale. A short sale is when your lender agrees to accept less than what is owed for you to sell your home. When selling your home as s short sale it's important to have a Realtor representing you that is knowledgeable in the short sale process. A short sale Realtor will price your home based on comparative sales and active sales in your area to obtain a fair market value. Unfortunately, an appraisal from a year ago will not reflect current market conditions. If you have more questions about the short sale process please refer to my website and/or blog at http://www.activerain.com/blogs/lynnpineda
Feel free to contact me directly at:( 954) 614-4274 cell or via email Dorina@ReFloridaHomes.com and I will be happy to assist you further.
I look forward to hear back from you. Have a great day!
Maritza C. Jorge, PA
ABR, CLHMS, CRS, GRI, TRC
* Stay in your home
* Negotiate a work-out with the bank
* Sell your home for a fair price
* Refinance your home at a fair rate
* Continue to collect rent on the property
* Apply for a Court Ordered repayment plan
* File a Chapter 13 or 7 Bankruptcy
When home owners are faced with the reality of facing a potential foreclosure, many experience a state of paralysis. They don't know what to do. Selling the home may not be an option since the equity appears to have vanished. To fight foreclosure or not? That is the question. Clouding the answer is perhaps the biggest misconception, "Hiring an attorney is not a cost-effective option." If I can't afford to pay my mortgage, then how in the world can I afford to hire a competent attorney? And why should I, if I am upside down in my home? First of all, EVERYONE can and should hire an attorney to represent them in their foreclosure case. There are many competent attorneys who specialize in this area. Due to the growing number of these cases, many attorneys have become "experts" in this area. Due to the fact that most of these cases are very similar, many excellent attorneys have experienced staff and can offer extremely affordable payment arrangements. Most people don't know that once the foreclosure proceeding has started, the bank will not accept any future mortgage payments - doing so may adversely affect their ability to foreclose on your property. Furthermore, the bank pays any delinquent real estate taxes and the insurance on the property. In summation, once the bank files a foreclosure lawsuit, most of the homeowner's expenses are being paid by the bank (mortgage, taxes and insurance). However, as the legal owner of the house with full possession, you have all the rights associated with same including residing in your home, collecting rents on the property, etc. Imagine the "EQUITY" you can save / build, if you fight the foreclosure case for a year or more. The cost of qualified legal representation is a drop in the bucket compared to your typical home ownership overhead. Time is money and the real estate and financial markets are likely to turn around. The hiring of the right attorney will save you thousands of actual dollars, in addition to thousands in time value of money. Its really a no-brainer.
Frederick A Neustein