Port St Lucie Commercial Property 1186 Gatlin Blvd

2 Professional Commercial Buildings for sale - Gatlin Blvd. PSL   $500,000

2,604 Square Foot & 2,401 Square Foot
Professional Offices
Port St. Lucie, FL

Call Sharon today for more info 772-971-6747 or Chris Dalfo at  772-528-9956

Difference in a Forbearance Agreement and a Loan Modification

Many individuals confuse a mortgage modification with a forbearance agreement. A forbearance agreement is when a financial institution lets a homeowner not make monthly payments or apply an adjusted mortgage payment for a specific time period. Any interest or late fees that remain unpaid at this point in time will be attached to the loan principal. The financial institution will stop the foreclosure process while in this time frame. This lets the homeowner try to get back on track from their financial problem and allowing them to stay in their home. Many mortgage companies will need homeowners to fill out a forbearance document. This forbearance document is sometimes a bit difficult to complete.

Forbearance agreements can differ greatly from one institution to another. Some financial institutions need the homeowner to supply a tiny monthly installment to help make up the missed payments on top of the regular mortgage payment amount. Let’s say that your regular mortgage payment is $2200.00 a month and you did not make a total of three payments. Your financial institution may ask you to submit an extra amount of $200.00 a month on top of your regular payment of $2200.00. This extra amount is then used towards the payments you did not make. This will continue until your account is paid up to date.
Some forbearance agreements will have the homeowner not make any payments at all for a certain amount of time. This will give the homeowner more time to get back on track. The missed payments and all applicable interest will be tacked on the the principal amount of the loan. The regular terms of the loan will be back in place upon the start of the regular monthly payments.

Other forbearance agreements let the homeowner to stop making monthly mortgage payments all together for a fixed period of time. This allows the homeowner to get back on his/her feet. Any missed mortgage payments and interest are added to the loan principal. The normal terms of the mortgage are back in effect once the monthly mortgage payments start again.

Government owned homes (HUD foreclosures) provide exceptional value in today’s economy

If the house you are interested in is a Housing and Urban Development (HUD) foreclosure, then it was last purchased with an Federal Housing Administration (FHA) mortgage. The Federal Government insured the loan, making the previous FHA loan possible. By insuring the loan the Federal Government agrees to repay the Lender for all money lost by the lender in case the property is foreclosed on. It’s a good deal for the Lender as their investment is 100% insured. The Federal Government protects itself by collecting on each transaction of a federally financed property a Mortgage Insurance Premium (MIP) at the time of purchase. The MIP is 2.25% of the mortgage amount and is helpful in several ways.

Because the MIP is charged, the FHA can allow a purchaser to reduce their initial out of pocket cash expenditure from 5% to 3% of the purchase price, making it possible for many more Americans to buy homes. HUD reports in their mission statement that home ownership for the majority of Americans is their goal and that has proven to be the driving force behind their decisions and directives since their inception.

The MIP is pooled with all the other premiums and allows the Federal Government to continue helping homebuyers save money on their homes by keeping the costs down for homebuyers.

Benefits of buying an FHA Foreclosure

• No Appraisal required
• Instant equity
• Flexible Credit requirements
• Low money down.
• HUD will pay all closing costs. (Up to 5% in some states)

Hundreds of government owned homes for sale on the Treasure Coast mean a buyer can experience  significant savings and enjoy a selection from a wide variety of locations.

For more information on government homes on the Treasure Coast, call Sharon Kelly Realty, 1800-778-8335.

How To Buy A House After Being Denied A Mortgage

Finally, houses are in an affordable price range, after for the past years prices have been skyrocketing since the housing boom. Unfortunately, now the problem is that the mortgage is now out of reach as lending standards have been made tougher. Many homeowners are currently shaking their fists and cursing Freddie Mac, Fannie Mae and other mortgage services.

As the lending standards have increased, the gap in the market between potential homebuyers and lending companies are getting bigger and bigger. Here is how some private investors initiate and stap in, lending them their own money to people to buy their house. Whenever banks stop lending, people step in and take over.

Currently, there is a sell to carry option and also a seller carry back option which are options for potential homebuyers to get their dream home. The sell to carry option is an option where the seller finances the house. And the seller carry back option is an option where the seller finances part of the house. Homebuyers are now turning to the home seller for help to get the house and these two options are something that works for both of them. By doing this, the seller can get out of the house and if the homebuyer defaults on their loan, the house will still belong to the seller. This way the homebuyers have a chance to buy a house without a conventional mortgage.

If you are still looking for a house, make sure you look through foreclosure listings. These are houses that have been foreclosed. Just for your information, last month, the number of foreclosure filing reached a record of 360,149 homes. You can also find home short sales on the market. What happesn in a short sale is that the seller arranges with their mortgage lender to accept a price that’s less than the amount they owe on the property. As part of this arrangement, the lender typically agrees to forgive the rest of the loan. As a result, the seller doesn’t have to go though a foreclosure, the buyer picks up a property at a discount, and the lender avoids taking on the burden of unloading the property.

But before you look for options to buy your home, you should take some time for financial reflection after being turned down for mortgage. If you have been rejected, it is actually a sign that maybe you can not really afford to be encumbering yourself with debt. After being rejected by a mortgage company, ask them what payment you would actually qualify for. Buy doing this you will better understand how to be realistic and what your targets should be and thus adjust your searches accordingly. You can easily find out what kind of mortgage you can afford using CitiMortgage calculator. Another calculator you can use to find your housing affordability is Decision Aide calculator.

It is always wise to prepare and plan first how much you should be spending on a mortgage to prevent your family from experiencing financial turmoil in the future. Althought there is still hope and you still can buy a house for your family even after you have been rejected by a mortgage lender, you should still reflect on your finances and be careful before deciding to make a big purchase such as a home.

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1149 Puritan Lane, Port St. Lucie, FL   34983

2 BEDROOMS, 2 BATHS, 1 CAR GARAGE, BUILT-IN SCRND POOL W/SOLAR HEAT, SPA. GREAT OUTDOOR ENTERTAINMENT AREA AND MORE!  ONLY $139,900!