Congress continues to make changes in the tax code in response to the housing crisis. A key change helps millions of homesellers who owe more on their mortgages than their dwellings are worth. These sellers have negative equity — a condition known colloquially as being upside down or underwater. Legislation that went on the books at the start of 2007 significantly benefits some upside downers and does absolutely nothing for others.

This is how the break works. Suppose Jane Sellers disposes of her residence in a lender-okayed short sale that erases the unpaid part of her mortgage. Or suppose the lending company forecloses on the dwelling, subsequently sells it and cancels a portion of her debt. Generally, the tax code calls for Jane to report partially or entirely forgiven amounts on her 1040 form. Not any more. The Mortgage Forgiveness Debt Relief Act of 2007 includes a provision that allows homesellers like Jane to exclude as much as $2,000,000 of canceled debt.

Jane excludes (sidesteps) taxes only if she satisfies two stipulations. First, the security for her mortgage is her principal residence, meaning the place she ordinarily lives most of the year. Second, she incurs the debt to buy, build or substantially improve her principal residence. There is no relief for Jane’s home equity loans or cash-out refinancings, except to the extent that she uses the proceeds to make improvements. Other fine print prohibits relief if her lenders forgive debts on vacation homes and other second homes or rental properties.

Long-standing rules generally require debtors to report all forgiven debts on their 1040 forms, just the same as income from salaries or investments. The Internal Revenue Service taxes forgiven amounts at the rates for ordinary income from sources like salaries. Some forgiven debts sidestep taxes. The law specifies several carefully hedged exceptions. They include bankruptcies and insolvencies.

The exception introduced in 2007 benefits people whose debts are reduced or cancelled in arrangements that are known as loan modifications, foreclosures, deeds in lieu of foreclosure and short sales. This last category is the term for an owner who — with lender approval — sells for a net sales price (gross sales price minus legal fees, broker’s commission and other costs) that is insufficient to cover all of the outstanding debt.

In tax lingo, the exclusion is for income from the discharge of QPRI, short for qualified principal residence indebtedness. This means mortgages taken out by owners to buy, build, or substantially improve their principal residences. And the residences are the securities for the debts.

There also is an exclusion for debt reduced through mortgage restructuring, as well as for debt used to refinance QPRI. Here, there is relief, but only up to the amount of the old mortgage principal, just before the refinancing.

Another constraint is that the exclusion does not help homeowners who took advantage of the run up in real estate prices to do “cash-out” refinancing, in which they did not use the funds for renovations of their primary residences. Instead, they used the funds to pay off credit card debts, tuition charges, medical expenses, or certain other expenditures.

***************************************************************************************

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.

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If only the President’s foreclosure-prevention plan worked as well as “cash for clunkers”. But it hasn’t. When the Administration announced the Making Homes Affordable plan in February of 2009, officials said they hoped it would help 4 million distressed homeowners to stay in their homes and we all know that we need much of that help here in Orlando. The Administration has acknowledged that there are only 200,000 trial loan modifications under way.

Clearly, lenders have been reluctant to modify loans. (Moreover, there are good reasons for their reluctance according to a recent study by the Boston Federal Reserve.) Also, many borrowers have turned out to be ineligible for the programs or – because they are so far ‘under water’ – uninterested, especially in the Central Florida / Orlando area. Whatever the cause, the result is the same: a distressed borrower typically needs to choose between (1) a short sale (where the lender agrees to take less than the amount owed) in which, among other things, a commission (paid by the lender) is generated. (2) a foreclosure, or (3) a deed in lieu of foreclosure (where the borrower ‘gives back’ the property to the lender without a foreclosure proceeding). Which is better for the borrower?

Many real estate agents will say and advertise that a short sale is clearly preferable. In support of this view, two claims are usually asserted. (1) A short sale is less damaging to the borrower’s credit than a foreclosure. (2) A short sale provides the borrower with a shorter ‘waiting period’ until the borrower will be able to purchase a home again.

It is important to note that these are two different claims. For example, in a period of time a borrower could become eligible for a purchase loan under Fannie Mae/Freddie Mac guidelines, but he or she might still not have sufficient credit or income to qualify for the loan.

While many say that a short sale is less damaging to one’s credit than is a foreclosure, documenting that claim is another story. I can’t find any verification from Fair Issac (the developer of the FICO scoring system) or any of the major credit providers. That is probably no surprise, because their systems are proprietary. Nonetheless, one wonders what might be the source of the claim.

Moving on from the credit score issue, there is the question of being again eligible to buy. More precisely, it is a question of when, in the future, the defaulting borrower could get a loan that would be purchased by Fannie Mae or Freddie Mac. The issue is dealt with in Fannie Mae Announcement 08-16, released June 25, 2008.

When it comes to foreclosures and deeds in lieu of foreclosure, the policy distinguishes between events that were precipitated by extenuating circumstances (e.g. job loss, major illness) and those that were not (e.g. financial mismanagement). If you’ve had a foreclosure without extenuating circumstances, you can’t purchase with a Fannie Mae – backed loan for five years. However, if there were extenuating circumstances, it drops to three years. Suppose you chose the deed in lieu of foreclosure option. If there were no extenuating circumstances, the period would be four years, but with such circumstances, it drops to two. Fannie Mae doesn’t draw the distinction when it comes to short sales: the period is two years, the same as doing a deed in lieu with extenuating circumstances.

May 15, 2009, the Treasury Department issued an update to the Making Home Affordable plan. Among other things, it provides for financial incentives (e.g. a $1,500 moving allowance) to distressed borrowers who meet the general eligibility requirements for a loan modification and who will engage in an approved short sale or who will give a deed in lieu of foreclosure.

Distressed and underwater borrowers face a minefield of options for resolving their problems. Not the least of their problems is the vast amount of misinformation floating around. They need to step very carefully.

For further details on this issue please feel free to e-mail me or give me a call at 407-580-7011.

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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 Foreclosures, Short Sale FAQ's, Short Sales Deed in Lieu of foreclosure, Orlando Foreclosures, Orlando short sale expert, Orlando Short Sales

I am very happy and proud to announce that I have completed today ny certification in CDPE.

I have worked and closed dozens of short sales over the past 2 years and this training only enhances what I already know. I feel even more equipped in handling these short sales.

What is a CDPE?

A Certified Distressed Property Expert® (CDPE) is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales.

The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. The developers of the CDPE Designation believe that the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. They have the tools needed to help homeowners find the best solution for their situation. Often, when other options have been exhausted, CDPEs can help homeowners avoid foreclosure through the efficient execution of a short sale.

While enduring financial difficulties is challenging for any family, the process of finding a qualified real estate professional should not be. Selecting an agent with the CDPE Designation ensures you are dealing with a professional trained to address your specific needs. For more information, contact a CDPE in your area.

CDPEs don’t merely assist in selling properties, they serve and help save their clients in need.

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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 CDPE, Certified Distressed Property Experty, Foreclosed Homes & Renters, Foreclosures, Short Sales CDPE, Certied Distressed Property Expert, Orlando Foreclosures, Orlando Short Sales

The number of properties subjected to foreclosure-related filings grew 7 percent from June to July, with one in 355 homes being hit with an initial default notice, notice of foreclosure sale, or foreclosed on and repurchased by a bank, data aggregator RealtyTrac reported today.

The 367,198 foreclosure-related filings tallied by RealtyTrac in July represented a 32 percent increase from a year ago, and the third record in five months.

“Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we’re seeing significant growth in both the initial notices of default and in the bank repossessions,” RealtyTrac Chief Executive Officer James Saccacio said in a press release.

 Avoid Foreclosure and call Jerry today to learn how we can help you through this down market and help sell your home through a Short Sale.

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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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If you are in the Orlando area, and would like to find a real estate agent that has experience handling short sales, we can help.

Avoid Foreclosure, what are your options?

Avoid Foreclosure

 

 

 

If you fall behind in your mortgage payments you will receive a lot of mailers offering to help you get out of your unfortunate situation. Many of these people are looking to take advantage of someone in a difficult situation. Often, the reason someone falls behind on their mortgage is due to a situation they had little control of. Jerry LaRose is here to work with you and make sure that before you do anything, you know all of your options. We have helped many clients work through difficult issues with their home and help them find the solution that makes the most sense.

The # 1 thing you need to make sure you never do is sign anything you are not familiar with. DO NOT SIGN anything with ANYONE offering a service that seems too good to be true. Many people are forced into doing something they don’t understand and it often puts the homeowner in a very vulnerable position. Don’t Do It, Don’t Sign Anything!

Options to Consider When Facing Foreclosure

Option # 1    Sell Your Home

Depending on the market and area you live in, you may consider selling you home if you have enough equity to pay off your existing liens. However, you may not be able to do a regular sale if you owe more than what your home is worth. Using an experienced Realtor that works closely with banks will give you the time needed to sell your property at the highest price possible. We can help with this process and provide our many years of real estate experience.

Option # 2    A Short Sale – Not a Typical Sale

Refinancing your home and paying off the existing loan sounds easy and it may be an option that you have already pursued. In this current real estate market it has become almost impossible to refinance your home if you have less than 10-20% of equity. We may be able to show you some loan options that you have not been presented with but it’s probably likely you have already explored this option and will not have many if any refinancing options available. Jerry LaRose works with many different lenders and has access to many different types of loan programs but the refinance market has become very limited. Contact Us today, we would be happy to provide you a quick, accurate loan quote. If your ultimate goal is to stay in your home and you can’t refinance your home your best option may be a loan modification.

Option # 4    Negotiate a Forbearance Agreement

The advantages for the homeowner are to avoid foreclosure and not go through the difficult process that it entails. It will release all or most of the liability from the homeowner and allow the bank to turn around and sell the property much sooner without the bank having to spend additional time and money going through the foreclosure process. This would be a good option to consider if you feel that there will be no benefit from you selling your home or doing a short sale.

Option # 6    Do Nothing – Just Let it Go

You can always let your home go into foreclosure and do nothing. Sometimes the situation seems so overwhelming and this may be a good option. We don’t recommend that you do this, and would suggest that you talk to someone so you can determine if any of the options above would make more sense. Please feel free to ask any questions you have in our real estate forum. We have agents that will provide you with answers to all of your real estate questions. You can also contact us if you feel more comfortable. It’s important that you talk to someone that you can trust, and not someone that is looking to take advantage of someone in a difficult situation. There are many real estate scams and you don’t want to become a victim because you didn’t seek a second opinion. You may have some options that you are unaware of.

Please call us today if you have any additional questions.

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, or visit OrlandoShortSaleExpert.com for information on Short sales and Pre Foreclosures.  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

jerrylarose Loan Modification, MOrtgage Foregiveness Debt Relief Act, Short Sales Avoid Foreclosure Orlando, BPO, HR 3648, Orlando Foreclosures, Orlando Short Sales, Short Sale Expert in Orlando, Windermere FL. Short sales & foreclosures specialist

Orlando Short Sales

 

The ABCs of short sales

A short sale is what I like to call a “less bad” alternative to foreclosure.  It works like this: the homeowner sells the home for a market price that is less than — short of — the amount the homeowner owes on the mortgage.  The owner then pays the lender — who, of course, must agree to the deal — and the lender forgives the difference between the sale price and the mortgage amount (so the homeowner doesn’t have to come up with, say, $30,000 in cash).

Why would a lender agree to such a deal?  Because the actual process of foreclosing on a home is very expensive for the lender – often costing upwards of $25,000 and a lot of time (time that the lender isn’t getting paid interest and principal on the loan). So it can often be in the lender’s best interest to simply cut its losses and sell short.

You can invest in short sales

A short sale can be a real win-win-win for you — the investor, the homeowner, and the lender.  When you buy a house after the owner is already delinquent (meaning more than 90 days past due, and/or the lender has already started the foreclosure process) but before the lender actually forecloses on the home, it’s called a pre-foreclosure, and you’ll be part of a short sale.  Here’s how to do it:

1. Know your market.  If you don’t already live where you plan to invest, make sure you get to know your investment market well – what neighborhoods you should stay away from, where great hidden deals might be, where the hottest new development is, etc.

2. Develop an investment strategy.  Pre-foreclosure investing is like any other type of real estate investing – develop a strategy for what you want to accomplish, the risks you are willing to take, and how long you plan to be investing and then stick to that strategy.

3. Develop your best practices.  There are a lot of pre-foreclosure buying techniques out there. Decide which is best for you, given your investment strategy.

4. Be a bit skeptical.  Just because a home is in pre-foreclosure doesn’t mean it’s automatically a good deal.

5. Ask for help.  Pre-foreclosure investing takes a lot of work. Invest in the help of a trustworthy team.  Leverage a real estate agent experienced in short sales to help you determine how to make an offer that’s fair for you and the seller (the bank), based in part of what other similar pre-foreclosure or foreclosed homes in the same neighborhood have recently sold for.

6. Make friends with mortgage lenders. Often, you’ll get the best deal if you can negotiate a good purchase price with the seller and get the lender to forgive a portion of the debt (the difference between the sales price and the loan balance, for example).

7. Move fast, but not too fast.  You’ll need to act quickly once you find a pre-foreclosure property that you want to buy – before other investors beat you to it. At the same time, you don’t want to be too rushed or you may make a decision you’ll regret later.

8. Be committed.  Pre-foreclosure investing is not for the weekend investor. It takes discipline and commitment. Even with the help of foreclosure listing services such as RealtyTrac and Yahoo! Real Estate Foreclosure Center, you’ll still have to do a lot of legwork to contact the owner, arrange the deal, fix up the house, and re-sell it before you see your investment return.

9.  Know the law.  There’s more legalese involved in a short sale than in a traditional home sale.  Plus, foreclosure laws differ from state to state.  Read up on your state’s foreclosure laws and ask your real estate agent to recommend a good real estate attorney with experience helping people purchase homes in pre-foreclosure.  According to a November U.S. News article, a detail as tiny as the wrong font size on your documents could hold up the transaction or — worse — land you in legal trouble.

10.  Remember price + 5% (at least).  Pre-foreclosure homes tend to need repairs– sometimes minor, sometimes major.  Always, always have the home inspected by a professional home inspector before you sign a sales agreement and add in the cost of the repairs the inspector recommends.  If you only think about the purchase price when you’re calculating potential return on your investment, you’ll be sorely disappointed.  Add at least 5% — or better yet, get a quote on repair costs from a professional contractor.

About the author: 

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

(Copyright © 2008 By Jerry LaRose, P.A. All Rights Reserved.)

jerrylarose 10 things to expect in a Short Sale 10 things to expect in a Short Sale, ABC's of short sales, BPO, Orlando Foreclosures, Orlando Short Sales, Short Sale Expert in Orlando, Windermere FL. Short sales & foreclosures specialist

Short Sale will in NO Way affect your Credit as much as a Foreclosure will!!

Don’t let the bank force you into foreclosure, a deficiency judgment, wage garnishments, asset liens, and bankruptcy.

Our Service is totally FREE to You — The Bank Will Pay Us!

We operate in Orange, Seminole, Lake, & Osceola Counties

Your credit will recover in as little as 2 years.  This is far better than the 7 to 10 years that most homeowners in your situation will face.

Below is the most common elements of the short sale process.

•  List the home
   Bank authorization forms signed
   Send bank authorization to the bank(s)
   Market the home
   Follow up with bank(s)
   Fill out financial form(s)
   Gather proof of financial information
   Send BPO, financial form and financial information to bank(s)
   Find a buyer
   Negotiate purchase price/terms with buyer
   Prepare net sheet for bank(s)
   Send purchase contract, listing agreement, net sheet to bank(s)
   Follow up with bank and gather other bank requested information
   Send bank requested information back to bank(s)
   Finalize short sale with the bank(s)
   Order payoff letter from bank(s)
   Close the property

About the author: 

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

(Copyright © 2008 By Jerry LaRose, P.A. All Rights Reserved.)

OrlandoShortSaleExpert Short Sales BPO, Orlando Foreclosures, Orlando Short Sales, Short Sale Expert in Orlando, Windermere FL. Short sales & foreclosures specialist

Thirty-year mortgage rates fell last week to 4.92% and the low rates that have persisted for the last month attracted thousands of homeowners hoping to refinance to Zillow Mortgage Marketplace in December and early January.

Requests to refinance normally make up about one-third of all loan requests on Zillow Mortgage Marketplace, but in December they made up 67%. So far in January, they have made up 62%. The total number of requests also increased more than 150% from November to December.

The weekly average rates for 30-year fixed mortgages decreased to 4.92% last week, down from 5.10% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate website Zillow.com(R). Meanwhile, rates for 15-year fixed mortgages decreased to 4.58%, down from 4.79% and 5-1 adjustable rate mortgages decreased to 5.35% from 5.62%.

Mortgage Type Average Rate Average Rate % Change
Week ending 1/11/09 Week ending 1/4/09
30-year fixed 4.92% 5.10% -3.6%
15-year fixed 4.58% 4.79% -4.5%
5-1 ARM 5.35% 5.62% -4.8%

Rates for 30-year fixed mortgages fell far below 5.00% again on Monday evening, with the average rate on Zillow Mortgage Marketplace at 4.86%.

At a state level, the 30-year fixed mortgage rate in Maryland and Virginia had the biggest decreases, dropping from 5.26% to 4.97% and 5.21% to 4.93%, respectively. Rates on 30-year fixed mortgages were lowest in the states of Arizona (4.80%) and Texas (4.84%), while Maryland (4.97%) and Michigan (5.05%) had the highest rates.

State Average 30-yr. Fixed Average 30-yr. Fixed % Change
Rate Rate
Week ending 1/11/09 Week ending 1/4/09

About the author: 

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

(Copyright © 2008 By Jerry LaRose, P.A. All Rights Reserved.)

OrlandoShortSaleExpert Interest Rates BPO, interest rates in Orlando, Orlando Foreclosures, Orlando Short Sales, Short Sale Expert in Orlando, Windermere FL. Short sales & foreclosures specialist

Interest Rates down in Orlando

In case you had not heard, on Tuesday the Federal Reserve lowered its key
interest rate to  0.25% — the lowest level ever “MSN”.  Several banks have
announced they are lowering their rate to 3.25% in light of the Fed’s
decision.  Typically the prime rate is 3 percentage points higher than the
fed funds rate  ”CNN MONEY”.  This will trickle down into mortgage rates
soon resulting in historic low mortgage rates.

For you as a homeowner or an investor this means the time to buy is now.

  In the words of Donald Trump, “Buy, Buy, Buy, now is the time to Buy” House prices are at there lowest and the fed just cut the rates.  Pool your money, borrow from your family talk to your accountant, whatever it takes, get in the game now!”
Take a minute to give me a call, I am available discuss an approach that
makes sense for you.  Together we can make 2009 the year you move from
working for your money to the year you start making your money work for you!

I look forward to hearing form you soon.

About the author: 

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

(Copyright © 2008 By Jerry LaRose, P.A. All Rights Reserved.)

OrlandoShortSaleExpert Interest Rates BPO, Interest Rates, Orlando Foreclosures, Orlando Short Sales, Short Sale Expert in Orlando, Windermere FL. Short sales & foreclosures specialist

Borrowers Name: ___________________________________________ DOB _________

Borrower #2: _______________________________________________

Social Security Number: B#1: _____________________ B#2: ____________________

Loan Number: __________________________________________________________

Lender Name: __________________________________________________________

Lender Phone: __________________________________________________________

Loan #2 Number: ________________________________________________________

Lender #2 Name: ________________________________________________________

Lender #2 Phone: ________________________________________________________

Subject Property Address: __________________________________________________

_______________________________________________________________________

Borrower Mailing Add: ____________________________________________________

Borrower Phone Associated with Loan: _______________________________________

__ Lender #1 Short Sale Package List: ______________________________

__ Lender #2 Short Sale Package List: ______________________________

__ 1. Most recent mortgage statement or coupon

__ 2. Copy of any letters you have received from your lender regarding delinquency

__ 3. Current proof of income (two recent pay stubs from each person on the mortgage)

__ 4. Two most recent tax returns (1040 Form, only first two pages)

__ 5. Two most recent bank statements (all accounts: checking, savings, etc.)

__ 6. Freddie Mac Borrower Financial Information form or one provided by your lender.

__ 7. Handwritten Hardship Letter

__ 8. Listing Agreement

__ 9. Signed Sales Contract

__ 10. Estimated HUD -1

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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

Documentation In File:

Below is a Short Sale Info. Sheet that may be helpful in regards to preparing for your short sale.

SHORT SALE INFO SHEET

OrlandoShortSaleExpert Short Sale Checklist Orlando Foreclosures, Orlando Real Estate, Orlando short sale expert & Specialist, Windermere Fl real estate, Winter Garden Fl. Real estate