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Banks grapple with second-mortgage troubles, FYI Orlando Homeowners

jerrylarose — Fri, 21 May 2010 11:47:56 +0000

The pressure is all on second place.

Whether one calls it a second mortgage, second lien or home equity loan, the lenders who occupy the subordinate position in the debt stack on your home mortgage are finding out that being No. 2, quite frankly, sucks big time.

Back in the day, before 2007, when money was so cheap that even a grizzly bear wandering around the forest could get a mortgage for his cave, banks also were happy to extend home equity loans and lines of credit to single-family homeowners.
“Hey, Mr. Grizzly Bear, want to fix up that cave and make it a crib? Well, here’s some Benjamins.”

What’s that old joke: You walk in one door of a bank empty-handed and out another with a toaster and home equity loan.
Since credit flowed like water, banks were equally happy to do an 80-20 loan, which was basically a first mortgage for 80 percent of the value of a home plus a home equity or second mortgage for the remaining 20 percent. Whoopee, no money down for the borrower.

Now it’s time for banks to pay the piper. Here’s the big problem: If the home value is underwater or the homeowners are having trouble paying bills, the holder of the second mortgage or home equity loan doesn’t get paid back until after the holder of the first loan, which in those two scenarios almost never happens.
Those 80-20 loans by definition meant the loan-to-value was high, high, high, and now that home values have declined, collecting any money for the second-lien holder is slim at best.

If there is a HAMP (Home Affordable Modification Program) procedure or a short sale, the second-lien holder also gets wiped out. Needless to say, second-lien holders are in no rush to see loan modifications completed or jump into short sales, both of which would mean writing down the loans as full losses.
At most banks, home equity loans, no matter how precarious, for as long as possible are carried on the books at full value — a bit of a fiction, but it does make the banks look better.

In March, Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, openly called for the major banks to start writing down second mortgages. His point being, reported the Wall Street Journal, was “the banks’ reluctance to write down second mortgages is hurting efforts to reduce the first-lien mortgage balances of many borrowers who owe far more on their loans than the current value of their homes.”
Indeed, one new change for the Obama administration’s HAMP is that borrowers who get reduced payments on the first mortgage through HAMP would automatically get a break on the second lien as well.

Underneath all the politics, however, are some serious problems in regard to home equity loans: Delinquencies are rising very rapidly.
Historically, delinquencies on home equity loans have been very low, but all that changed last year.
In 2005 and 2006, delinquency rates for home equity loans and home equity lines of credit remained under 1 percent. By the end of 2008, the delinquency rate for home equity loans crept above 2 percent. Then, over the course of 2009 those numbers vaulted to 5 percent, a major leap in percentage.
Most of the gain was in a one-year period, That’s a huge pick-up in delinquency.
The curve of home equity loan delinquencies mirrors that of the unemployment rate. Delinquencies will stay high as long as unemployment rates hover around 10 percent or climb higher.

As a result of home equity loan delinquencies, banks have taken some very large charge-offs. Net charge-off rates increased by 50 percent among the top five banks in 2009. Without naming names, One of the largest lenders of home equity loans took a $4 billion charge-off last year.
Behind the teller windows there’s a lot of confusion. The home equity product more often than not is considered a consumer loan and not a mortgage, which means it falls into a different section of the bank.

“The challenge,” Leonard said, “is that home equity is typically owned and managed in a different part of the bank from the mortgage loan silo. That means different systems, reporting, management, processes — in short, different everything. It’s become an ongoing challenge how the banks deal with home equity loans that are delinquent.”

Even the consumer is confused.

It would be assumed that borrowers would come to the logical conclusion that if they could pay only one of two home loans, they should pay the first mortgage because that would maintain the home. However, the trend is exactly the opposite: Homeowners with cash-flow problems opt to not pay the first mortgage and continue to pay the second.

The only rationale for such behavior is that the payment on the second is lower because the balance is smaller and the homeowner can afford only to stay current with that loan. Unfortunately, it’s the first mortgage that keeps you in the house. It doesn’t matter if you remain current on the home equity loan; if you don’t pay the first mortgage you will be staring into the heart of foreclosure.

The only good news in all of this, from the consumer standpoint anyway, is that origination volume has declined significantly, down 25 percent through the first three quarters of last year. That’s mostly because rates are higher and criteria much more stringent.
Back in the day, banks would underwrite a home equity loan with no documentation, no appraisals, no nothing except an ability to sign on the dotted line. (Mr. Grizzly Bear had to leave a paw print.)
Today, the pendulum has swung fully to the other side. Now, the process and documentation to get a home equity loan is about as long and thorough as getting a mortgage. Perhaps, that’s the way it should always have been.
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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit http://OrlandoShortSaleExpert.com or www.JerrySellsOrlando.com for your real estate needs. Please give me a call if you have questions about the Orlando and Central Florida real estate market.
P.S. If you are listing your home as a short sale in Orange or Osceola County Florida and Orlando, Windermere, Winter Garden, Kissimmee, Winter Park, Altamonte Springs, Maitland, Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.

Dropouts Rise In Gov’t Loan Modification Program

jerrylarose — Wed, 19 May 2010 12:07:38 +0000

The Treasury Department’s latest report reads like a dashboard of the problems in the Obama administration’s $75 billion program. While officials summarize it as a helping hand that can help the housing market turn around, critics see that as something that merely delays an inevitable surge of foreclosures. The critics seem to be right, as there is growing evidence that the number of homeowners dropping out of main mortgage assistance program is almost equal to the number who have received permanent relief. And the drop outs are on the rise. More than 299,000 homeowners had received permanent loan modifications as of last month, Treasury said. That’s about 25 percent of the 1.2 million who started the program since its March 2009 launch. They are paying, on average, $516 less each month. However, the number of people who started the process but failed to get their mortgages permanently modified rose dramatically in April.

To complete the program, borrowers must make at least three payments on time. About 277,000 homeowners, or 23 percent of those enrolled, have dropped out during this trial phase. That’s up from about 155,000 a month earlier, or a 79 percent increase. The many reasons for the failure include, borrowers’ inability to complete the process and tough bureaucracy. Treasury officials acknowledge that long delays have been a problem. “Homeowners are waiting. We want them to get answers as rapidly as possible,” said Herbert Allison, an assistant Treasury secretary. Treasury officials have now directed lenders to shift to a new system. Starting with loan modifications that go into effect June 1, they are required to collect two recent pay stubs at the start of the process. Many borrowers who don’t get help will end up losing their homes. That can happen through foreclosure or short sales. Mortgage companies will now have to set their minimum bid before the house is listed for sale.

If the offer is above that, the lender must accept it.

But, generally, lenders calculate the money only after they have an offer on hand, which can lead to more delays. The new program is expected to boost short sales this year, but 80 percent of distressed sales this year are still likely to be foreclosures, estimates Celia Chen, senior director of Moody’s Economy.com.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit http://OrlandoShortSaleExpert.com or www.JerrySellsOrlando.com for your real estate needs. Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange or Osceola County Florida and Orlando, Windermere, Winter Garden, Kissimmee, Winter Park, Altamonte Springs, Maitland, Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.

I have HAFA mind to never pay another mortgage payment again!

jerrylarose — Fri, 16 Apr 2010 12:57:56 +0000

HAFA (which means “I have HAFA mind to never pay another mortgage payment again!”) Kidding!!! Actually it is part of the Home Affordable Modification Program (HAMP) that aims to help homeowners who are unable to qualify for a loan modification under HAMP by providing them with the option to pursue a short sale or deed-in-lieu. Under the program, financial incentives are provided to servicers (banks) and borrowers (now you’re talking!) who utilize these foreclosure alternatives.

As of April 5, 2010, the program is now in action and according to the guidelines, once a borrower is determined to be ineligible for a HAMP modification, the bank must consider that borrower for HAFA within 30 days. Every potential eligible borrower must be considered for the program before the borrower’s loan is referred to foreclosure or the bank allows a pending foreclosure sale to be conducted. If the bank determines that the borrower is eligible, the short sale or deed-in-lieu process will begin. Qualified borrowers will be given pre-approved short sale terms before the property is listed, and once an offer is made, banks/mortgage servicers will have 10 days to approve or reject the sale.

HAFA Government Program

HAFA+Brochure+Text+1 25 10

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Loan Modification Program Isn’t On Track Yet, What is a Orlando Homeowner to do?

jerrylarose — Tue, 16 Feb 2010 13:08:04 +0000

Orlando foreclosure

It would be unfair to say that the Obama administration hasn’t been trying to restore the health of the housing market. Unfortunately, it would be inaccurate to say that its programs are having much success. The loan modification program is a worrisome case in point

On February 18, 2009 the Treasury Department announced the Homeowner Affordability and Stability Plan. The Loan Modification portion of that program had a goal “to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.”

August 4, 2009 the administration released its first monthly Servicer Performance Report which claimed that the program was “on pace.” It noted that by July more than 230,000 trial modifications had begun. By November, however, the administration announced a campaign to pressure mortgage companies because, said assistant Treasury Secretary, Michael Barr, “The banks are not doing a good enough job.”

Recently, a detailed report of the program’s progress was made available on the website . The report showed results through December, 2009. As of December, 66,465 permanent loan modifications had been granted. Another 46,000 had been approved but had not yet been accepted by the borrowers. Now, in many ways those are nice numbers; and many of us – not all, I know – would be happy for the borrowers. But, in the context of the entire situation, those numbers are rather paltry. Taken together they represent only 3% of the estimated eligible mortgages, and only 12% of the modification programs that have been started. More than ½ million trial modifications had been started by August; yet, by December almost 800,000 were still in the trial stage.

The slow pace and the low ratio of trial modifications becoming permanent modifications does not bode well for the administration to meet its goal of keeping 3 – 4 million borrowers in their homes over the next three years.

The problem isn’t a lack of participation by lenders. 107 servicers have signed up so far in addition to approximately 2300 lenders who service Fannie Mae and Freddie Mac loans. It is estimated that 89% of eligible mortgage debt outstanding is covered by participating servicers. Admittedly, though, their performance is uneven. Those who have the highest percentage of trial and permanent modifications are Citimortgage (47%), Saxon Mortgage Services (46%), and GMAC (44%). Not quite so stellar is Wachovia at 3%. Nine servicers have only offered modifications to fewer than 20% of their estimated eligible borrowers.

Nor do all borrowers find the modifications offered to be acceptable. 22% who were offered plans did not take them. There are no data as to why this is so. One can speculate though. For one thing, it is quite possible that eligible borrowers facing seriously negative equity will decide that, even with lower payments, it just doesn’t make sense to try to hang on There is no clear reason why the ratio of permanent modifications to trial plans is so low. Certainly bureaucratic inertia and interminably convoluted paperwork issues may have a lot to do with it.

In as much as plans have been offered to only 35% of estimated eligible borrowers, it would appear that one reason the program isn’t receiving its desired results is simply that many potential beneficiaries are not applying. There could be a number of reasons for this, many of them having to do both with ignorance of the program and with denial of the issues.

Many real estate agents do an exceptionally good job of communicating with the public. They can provide a useful service by making people aware of the attempts to resolve issues related to delinquencies and foreclosure. People should know that they can obtain a good deal of useful information by visiting the Making Home Affordable website at http://makinghomeaffordable.gov/

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P.S. If you are listing your home as a short sale in Orange or Osceola County Florida and Orlando, Windermere, Winter Garden, Kissimmee or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales

Did Mortgage Relief Program Make Housing Crisis Worse?

jerrylarose — Tue, 05 Jan 2010 13:57:45 +0000

The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good.
Since President Obama announced the program in February, it has lowered mortgage payments on a trial basis for hundreds of thousands of people but has largely failed to provide permanent relief.

Critics increasingly argue that the program, Making Home Affordable, has raised false hopes among people who simply cannot afford their homes.
As a result, desperate homeowners have sent payments to banks in often-futile efforts to keep their homes, which some see as wasting dollars they could have saved in preparation for moving to cheaper rental residences.

Some borrowers have seen their credit tarnished while falsely assuming that loan modifications involved no negative reports to credit agencies.
Some experts argue the program has impeded economic recovery by delaying a wrenching yet cleansing process through which borrowers give up unaffordable homes and banks fully reckon with their disastrous bets on real estate, enabling money to flow more freely through the financial system.

“The choice we appear to be making is trying to modify our way out of this, which has the effect of lengthening the crisis,” said Kevin Katari, managing member of Watershed Asset Management, a San Francisco-based hedge fund. “We have simply slowed the foreclosure pipeline, with people staying in houses they are ultimately not going to be able to afford anyway.”

Mr. Katari contends that banks have been using temporary loan modifications under the Obama plan as justification to avoid an honest accounting of the mortgage losses still on their books.
Only after banks are forced to acknowledge losses and the real estate market absorbs a now pent-up surge of foreclosed properties will housing prices drop to levels at which enough Americans can afford to buy, he argues.

“Then the carpenters can go back to work,” Mr. Katari said. “The roofers can go back to work, and we start building housing again. If this drips out over the next few years, that whole sector of the economy isn’t going to recover.”
The Treasury Department publicly maintains that its program is on track.

“The program is meeting its intended goal of providing immediate relief to homeowners across the country,” a department spokeswoman, Meg Reilly, wrote in an e-mail message. But behind the scenes, Treasury officials appear to have concluded that growing numbers of delinquent borrowers simply lack enough income to afford their homes and must be eased out.

In late November, with scant public disclosure, the Treasury Department started the Foreclosure Alternatives Program, through which it will encourage arrangements that result in distressed borrowers surrendering their homes. The program will pay incentives to mortgage companies that allow homeowners to sell properties for less than they owe on their mortgages — short sales, in real estate parlance. The government will also pay incentives to mortgage companies that allow delinquent borrowers to hand over their deeds in lieu of foreclosing.

Ms. Reilly, the Treasury spokeswoman, said the foreclosure alternatives program did not represent a new policy.
“We have said from the start that modifications will not be the solution for all homeowners and will not solve the housing crisis alone,” Ms. Reilly said by e-mail. “This has always been a multi-pronged effort.”

Whatever the merits of its plans, the administration has clearly failed to reverse the foreclosure crisis. In 2008, more than 1.7 million homes were “lost” through foreclosures, short sales or deeds in lieu of foreclosure, according to Moody’s Economy.com.
Last year, more than two million homes were lost, and Economy.com expects that this year’s number will swell to 2.4 million.

“I don’t think there’s any way for Treasury to tweak their plan, or to cajole, pressure or entice servicers to do more to address the crisis,” said Mark Zandi, chief economist at Moody’s Economy.com. “For some folks, it is doing more harm than good, because ultimately, at the end of the day, they are going back into the foreclosure morass.”

Mr. Zandi argues that the administration needs a new initiative that attacks a primary source of foreclosures: the roughly 15 million American homeowners who are underwater, meaning they owe the bank more than their home is worth.
Increasingly, such borrowers are inclined to walk away and accept foreclosure, rather than continuing to make payments on properties in which they own no equity.

A paper by researchers at the Amherst Securities Group suggests that being underwater “is a far more important predictor of defaults than unemployment.”
From its inception, the Obama plan has drawn criticism for failing to compel banks to write down the size of outstanding mortgage balances, which would restore equity for underwater borrowers, giving them greater incentive to make payments.

A vast majority of modifications merely decrease monthly payments by lowering the interest rate.
Mr. Zandi proposes that the Treasury Department push banks to write down some loan balances by reimbursing the companies for their losses.

He pointedly rejects the notion that government ought to get out of the way and let foreclosures work their way through the market, saying that course risks a surge of foreclosures and declining house prices that could pull the economy back into recession.

“We want to overwhelm this problem,” he said. “If we do go back into recession, it will be very difficult to get out.”
Under the current program, the government provides cash incentives to mortgage companies that lower monthly payments for borrowers facing hardships.
The Treasury Department set a goal of three to four million permanent loan modifications by 2012.

“That’s overly optimistic at this stage,” said Richard H. Neiman, the superintendent of banks for New York State and an appointee to the Congressional Oversight Panel, a body created to keep tabs on taxpayer bailout funds. “There’s a great deal of frustration and disappointment.”
As of mid-December, some 759,000 homeowners had received loan modifications on a trial basis typically lasting three to five months.
But only about 31,000 had received permanent modifications — a step that requires borrowers to make timely trial payments and submit paperwork verifying their financial situation.

The government has pressured mortgage companies to move faster. Still, it argues that trial modifications are themselves a considerable help.
“Almost three-quarters of a million Americans now are benefiting from modification programs that reduce their monthly payments dramatically, on average $550 a month,” Treasury Secretary Timothy F. Geithner said last month at a hearing before the Congressional Oversight Panel. “That is a meaningful amount of support.”

But mortgage experts and lawyers who represent borrowers facing foreclosure argue that recipients of trial loan modifications often wind up worse off.
In Lakeland, Fla., Jaimie S. Smith, 29, called her mortgage company, then Washington Mutual, in October 2008, when she realized she would get a smaller bonus from her employer, a furniture company, threatening her ability to continue the $1,250 monthly mortgage payments on her three-bedroom house.
In April, Chase, which had taken over Washington Mutual, lowered her payment to $1,033.62 in a trial that was supposed to last three months.
Ms. Smith made all three payments on time and submitted required documents, Chase confirms.She called the bank almost weekly to inquire about a permanent loan modification.

Each time, she says, Chase told her to continue making trial payments and await word on a permanent modification. Then, in October, a startling legal notice arrived in the mail: Chase had foreclosed on her house and sold it at auction for $100. The purchaser? Chase. “I cried,” she said.“I was hysterical. I bawled my eyes out.”
Later that week came another letter from Chase: “Congratulations on qualifying for a Making Home Affordable loan modification!”

When Ms. Smith frantically called the bank to try to overturn the sale, she was told that the house was no longer hers. Chase would not tell her how long she could remain there, she says. She feared the sheriff would show up at her door with eviction papers, or that she would return home to find her belongings piled on the curb. So Ms. Smith anxiously set about looking for a new place to live.

She had been planning to continue an online graduate school program in supply chain management, and she had about $4,000 in borrowed funds to pay tuition.
She scrapped her studies and used the money to pay the security deposit and first month’s rent on an apartment.
Later, she hired a lawyer, who is seeking compensation from Chase. A judge later vacated the sale.
Chase is still offering to make her loan modification permanent, but Ms. Smith has already moved out and is conflicted about what to do.

“I could have just walked away,” said Ms. Smith. “If they had said, ‘We can’t work with you,’ I’d have said: ‘What are my options? Short sale?’ None of this would have happened. God knows, I never would have wanted to go through this. I’d still be in grad school. I would not have paid all that money to them. I could have saved that money.”

A Chase spokeswoman, Christine Holevas, confirmed that the bank mistakenly foreclosed on Ms. Smith’s house and sold it at the same time it was extending the loan modification offer.

“There was a systems glitch,” Ms. Holevas said. “We are sorry that an error happened. We’re trying very hard to do what we can to keep folks in their homes. We are dealing with many, many individuals.”

Many borrowers complain they were told by mortgage companies their credit would not be damaged by accepting a loan modification, only to discover otherwise.
In a telephone conference with reporters, Jack Schakett, Bank of America’s credit loss mitigation executive, confirmed that even borrowers who were current before agreeing to loan modifications and who then made timely payments were reported to credit rating agencies as making only partial payments.
The biggest source of concern remains the growing numbers of underwater borrowers — now about one-third of all American homeowners with mortgages, according to Economy.com.

The Obama administration clearly grasped the threat as it created its program, yet opted not to focus on writing down loan balances.
“This is a conscious choice we made, not to start with principal reduction,” Mr. Geithner told the Congressional Oversight Panel. “We thought it would be dramatically more expensive for the American taxpayer, harder to justify, create much greater risk of unfairness.”

Mr. Geithner’s explanation did not satisfy the panel’s chairwoman, Elizabeth Warren.
“Are we creating a program in which we’re talking about potentially spending $75 billion to try to modify people into mortgages that will reduce the number of foreclosures in the short term, but just kick the can down the road?” she asked, raising the prospect “that we’ll be looking at an economy with elevated mortgage foreclosures not just for a year or two, but for many years. How do you deal with that problem, Mr. Secretary?”

A good question, Mr. Geithner conceded.
“What to do about it,” he said. “That’s a hard thing.”
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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit http://OrlandoShortSaleExpert.com or www.JerrySellsOrlando.com for your real estate needs. Please give me a call if you have questions about the Orlando and Central Florida real estate market.
P.S. If you are listing your home as a short sale in Orange or Osceola County Florida and Orlando, Windermere, Winter Garden, Kissimmee or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales

Should You Modify your Orlando Loan? If so, How?

jerrylarose — Fri, 17 Apr 2009 12:35:17 +0000

Q: The interest rate on my loan just adjusted to 9.25 percent last month. We are upside down on our house by 5 percent, so we aren’t sure we can refinance. I’m trying to do a loan modification, but am being told that I have to be late on my mortgage or the lender won’t work with me.

I am now current and don’t want to miss a payment just so someone will help me. The loan modification company I’m working with wants to charge me a fee of $1,700. Will this save my house? Should I spend this money?

A: I have good news for you. The good news is that President Obama’s new mortgage refinance program should help you if your mortgage is only 105 percent of the value of your property.

For example, if your house is worth $100,000, and your primary loan is $105,000, you can refinance your home as long as you have the income to pay the new loan. The home must also be your primary residence.

Lenders will work with you on this program to lower your interest rate so that it is no more than 31 percent to 38 percent of your gross monthly income. The nice part about Obama’s $75 billion loan program is that lenders and borrowers have an added financial incentive to keep paying these loans current.

Mortgage lenders will receive a “pay for success” fee of $1,000 for each eligible loan modification, plus additional fees of up to $1,000 per year (paid monthly) as long as the borrower pays on time. Homeowners will receive up to $5,000 (up to $1,000 per year for five years) to reduce the balance owed if they pay on time through these years.

The details of this plan were announced early last month. Please contact your lender as soon as possible. If your lender refuses to help, please call the Hope Now Hotline (toll-free 1-888-995-HOPE) and speak to a federally certified housing counselor.

There are many credit and loan companies out there claiming that they can help borrowers for a fee. Be careful in dealing with these companies. If you pay them almost $2,000, you may not necessarily be getting the best deal. You should first work with your lender, then call the Hope Now Hotline and talk to a housing counselor.

You need to become informed about your options. You may find that your current lender is now willing to talk to you. When you call your lender, ask to speak with their loan mitigation department, particularly if that wasn’t the department you were talking to. That department is the one that should be able to work with you on your issue. And, keep that $1,700 in your pocket for now.

Once you’ve discussed loan modification with your lender and they’ve denied you a loan modification most people think that there’s no hope and let the home go into foreclosure. There is another way to save your credit and keep a foreclosure off your record. That would be what’s called a Short Sale. That’s where we would negotiate with your lender to accept less than the full amount owed on your home so that you can sell it. We list your home with our listing agent and we have our professional negotiator, negotiate the transaction. Please contact us for more information. jerry@jerrylarose.com or 407-580-7011

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P.S. If you are listing your home as a short sale in Orange County Florida and Orlando, Windermere, Winter Garden, or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.