Orlando Short Sale Expert | Orlando Short Sales

Just Receive the following notice today from a local lender…..

HUD Secretary Donovan and FHA Commissioner testified that they expect FHA to announce major changes to esure FHA’s long-term financial soundness.  Some examples are as follows:

1)      Increase the down payment required from 3.5% to 5%

2)      Raise the upfront premium from 1.75% to as much as 3%

3)      Eliminate the ability to roll in to loan that up front premium

4)      Increase monthly MIP from .55%

5)      Reduce seller concessions from 6% to 3%

6)      Raise minimum FICO score

7)      Possible LTV maximums by FICO score

8)      Increase accountability of FHA Lenders for fraud

Timing:  “We expect these changes to be announced soon and could be implemented within a couple months.  None of these changes requires congressional approval and can be made administratively and therefore can be implemented quickly.”

This is of course going to make it tougher and more expensive for borrowers to obtain FHA loans and therefore reduce the number of eligible borrowers.

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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.

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The U.S. Treasury is poised to announce a finalized plan to expand mortgage relief efforts to include short sales.

A short sale occurs when the bank allows the sale of a home for less than the existing mortgage balance.

It’s a strategy to avoid foreclosure, but banks have been more likely to let a home go into foreclosure, rather than short sell it, even if it means holding the property during moratoriums set by some jurisdictions.

That’s because short sale bids often come in well below the last appraisal, real estate agents don’t want the extra work involved and buyers fear a four-to-five month transaction period that could end in a no-deal scenario.

To help move more distressed properties through the clogged pipeline, the Treasury, under the Making Home Affordable’s Home Affordable Modification Program (HAMP) is expected to announce a $1,500 closing cost incentive for those who agree to short sales or deed-in-lieu deals (the deed is transferred to the lender, avoiding the more costly foreclosure proceeding).

The Treasury will also pay the lender $1,000 for accepting a short sale or deed-in-lieu deal.

Earlier this year when the plan was first announced, there was also a provision to pay second lien holders up to $1,000 to relinquish their claim in such transactions.

Thus far, Refinancing Fannie Mae or Freddie Mac mortgages under the Home Affordable Refinance Program (HARP) and HAMP mortgage modifications have been the “go-to” foreclosure options among federal mortgage relief programs.

Some 260,000 homeowners have refinanced under the HARP program since January, according to the Federal Housing Finance Agency.

FHFA also said during the second quarter this year there were 11,700 short sales and 202,200 trial loan modifications under government programs.

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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 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 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.

jerrylarose Uncategorized

 The U.S. Treasury will soon finalize a plan to expand its incentives for mortgage companies to include “short sales” as a way to stem a rising tide of foreclosures, according to a Treasury spokeswoman.

“Short sales,” or sales of homes for less than the balance on existing mortgages, are seen as a key way to supplement other efforts such as loan modifications to steady housing. Unlike most modifications, “short sales” eliminate the problem of negative equity that has become a big reason for defaults as home prices have plunged.

The incentives, first announced in May, would expand the government’s Home Affordable Modification Program that has seen limited success in lowering payments for hundreds of thousands of homeowners deemed eligible. Just 12 percent of homeowners eligible have had their loans reworked, leaving millions more foreclosures to come, the Treasury said on September 9.

More short sales may alleviate fears that a raft of “shadow supply,” or foreclosures in the pipeline, will flood the market and deal a blow to the nascent rebound in housing seen over the U.S. summer months, analysts said. The overhang of supply is currently about 7 million units, or 135 percent of a year’s of existing home sales, according to Amherst Securities Group.

“What they are trying to do is move some of these foreclosures in the pipeline, and bring them to a resolution before (foreclosure) happens,” said Lisa Marquis Jackson, a vice president at Irvine, California-based John Burns Real Estate Consulting. “12 percent of these being modified isn’t enough to clean these up.”

Realtors express frustrations with banks when trying to negotiate a short sale, which can take four to five months to complete, according to John Burns consultants. Buyers often walk away from sales because banks are slow to respond, or balk at the offer.

The Treasury will use up to $10 billion from a previously announced $50 billion pool of mortgage modification funds for payments to address lender concerns that home prices will continue falling in high-cost areas.

Incentives will be calculated on recent declines of local home prices and average home prices in these markets, the Treasury said in May. They would add to other incentives that servicers can receive for reducing loan payments.

In May, the Treasury proposed lenders would receive a $1,000 payment for allowing the owner to sell the house for less than the amount owed on the mortgage, and accepting the proceeds as full repayment. They can also receive $1,000 for accepting a similar deed-in-lieu transaction, in which the deed is simply transferred to the lender instead of going through a costly foreclosure.

Borrowers who agree to short sales or deed-in-lieu deals can received up to $1,500 in closing costs. Treasury also said it will pay second lien holders up to $1,000 to relinquish their claims in such transactions.

“Presumably, the Treasury is trying to help facilitate a transaction that will result in less loss to the lender than in the case of a foreclosure,” John Burns consultants said in a research note dated Oct 1 alerting clients of an impending Treasury announcement.

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HUD Secretary, Shaun Donovan announced yesterday that FHA Lenders are going to allowed to let First Time Homebuyers use the up to $8000.00 tax credit as a down-payment.

To quote Mr. Donovan, speaking at the Mid-year conference of NAR in Washington:

Secretary Donovan said that important changes, which the National Association of Realtors^® has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

It will be interesting to see what the rate is on the bridge loans, but regardless this is a great step in the right direction. I appreciate NAR spear-heading the effort for home-buyers.

Read more information on the Realtor.org site

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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 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.

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jerrylarose Short Sale FAQ's, Short Sale buyer, Short Sales, Uncategorized, What is a Short Sale Luxury homes, Orlando Real Estate, Orlando short sale expert & Specialist, Windermere & Winter Garden Fl. real estate

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Fannie Mae recently established a 2-year elapsed period for reestablishing

credit for homeowners who sell their homes through a short sale. Two years may seem like a long time to wait before being able to get a new loan, but compare this to what happens if the homeowner goes through the foreclosure process. According to the Fannie Mae guidelines, effective May 31, 2008, a homeowner who has filed a foreclosure will be “ineligible” for a loan for five years.

YES! I said  FIVE YEARS!

Two years or five years…? That’s something definitely worth considering.

To view the Fannie Mae new Guidelines click below

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf

OrlandoShortSaleExpert Uncategorized Orlando Real Estate, Orlando short sale expert & Specialist, Reestablishing Your Credit, Windermere & Winter Garden Fl. real estate, Windermere FL. Short sales & foreclosures

Too many agents are afraid to take on short sales, as they should be. They’ve heard that these short sales in Orlando are too complicated, the lenders are uncooperative (and sometimes hostile), or the property gets foreclosed on before they find a buyer. Any of these can happen, but mostly to agents who are unaware of how to successfully negotiate and close a short sale.

Let me tell you, if it was that easy, every agent in Florida would be rolling in cash by now.

Our Services include:

• Presenting a solution to the lender and negotiating favorable terms
• Allowing the borrower and her/his family to get a fresh start
• Expediting the process with a fast resolution.

Our success rate is among the highest in Orlando. Many of our services are FREE OF CHARGE to the borrower and our consultation services are always FREE.

If you are considering doing a short sale on your property give me a call and we can discuss the in’s and out’s of doing a successful short sale.

You need a Short Sale Specialist and now you’ve found one. Call me today for a Free Consultation at 407-580-7011

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When you are preparing for a major purchase make sure you check your credit scores and credit reports from all three credit reporting agencies: TransUnion, Equifax and Experian. Looking at your scores and reports a few months before your loan application will help you get a complete picture of your credit health. Worried if your credit score makes the grade? If your credit score is above 700 you will probably qualify for a prefferedloan. Under 650, you may have trouble receiving new credit.

Payment history – A good record of on-time payments will help your credit.

Outstanding debt – High balances in relation to your credit limits can harm your credit. Aim for balances under 35%.

Credit account history – An established credit history makes you a less risky borrower. Think twice before closing old accounts before a loan application.

Recent inquiries – When a lender or business checks your credit, it causes a hard inquiry and a slight ding to your credit score. Apply for new credit in moderation.

Types of credit – A healthy credit profile has a balanced mix of credit accounts and loans.
If your credit score is a little low, pay your bills on time, reduce your debt, remove inaccuracies and avoid new inquiries for a few months. Plus, don’t forget that your credit score is not the only factor a lender may look at when they are evaluating your financial standing.

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 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.

Jerry LaRose, P.A., ABR, GRI, e-PRO, CLHMS, REALTOR® 407-580-7011

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