Short Sales in Port St Lucie Traditions
July 10, 2011 by Judy
Filed under Foreclosure News, Short Sales, traditions
Traditions in Port St Lucie Prime with Foreclosures and Short Sales
Searching for a home in Traditions in Port St Lucie, Florida? There are plenty of homes available in Traditions. Please call us at 1 800 778-8335 today for short sale and/or foreclosure information.
REO Specialist Port St Lucie
May 13, 2010 by Judy
Filed under Foreclosure News, REO, Short Sales
REO specialist Sharon Kelly-Brown gives great advice regarding reo and short sales in saint lucie county.
Please read this article below from stockmarketsreview.com
Short Sale Investing – Are the Banks Focusing More on Short Sales, Instead of Foreclosure?
Posted Wednesday, May 12, 2010 by admin
Filed under: Investing
Over the past 12-24 months, in specific sections of the country the banks have been completely bombarded with foreclosures, and now they have got no choice but to lower their prices so, the people who buy REO’s and know short sale investing, can make a great deal when buying a residence directly from the banks. Many of the banks are now concentrating on Short Sales, rather than foreclosure.
Certainly it depends on which section of America you reside in. Believe it or not, there are several areas of the country where home prices have not dropped that much, while other parts of the nation, like California, Nevada, Arizona and Florida, prices have collapsed. In the regions of the county where home values have fallen drastically, you are in position to produce a great deal when buying fromthe banks . In the parts of the country where prices have fallen just a little, you may be unable to make as good a deal, but you should still be able to obtain a home for around 15% or more below current market value.
As you may already know, in case you have obtained my courses, I am not really a fan of hiring realtors when selling or buying a home. That is because historically realtors sell homes at full retail value. In my experience that is just a bad business decision.
Buying at full retail, or anywhere in close proximity to full retail value for a home is just foolish, unless it is the home you have been dreaming about and it is the home you want to live in for the rest of your life, but that is not the norm, that is a rare exception to the rule these days.
We illustrate to buyers to think more like a real estate investor, and many real estate investors are not fans of using realtors. I have never used a realtor to buy or sell any previously lived in home. However, to purchase an REO, it just could be to your benefit to make use of a realtor. BUT do not just use any realtor, find THE realtor locally whose expertise is Short Sales or REO’s.
The reason for making use of a realtor for these two kinds of purchases is 2 fold. First, you are buying the home at a Big discount and it isthe banks who are paying the realtors commission. And second, the realtor just could be doing most of the negotiating with the banks for you, and I recognize a large number of you may love that you do not have to do it yourself.
That is one legitimate reason why I authored a program with regards to how to complete a Home Short Sale. If you decide to use a realtor, you should have significantly better understanding – Now you are going to know exactly what the realtor is doing so you can keep track of what is going on through the short sale process.
Port Saint Lucie Short Sales
May 11, 2010 by Judy
Filed under Current Events, Short Sales
Port st lucie short sales
Home debt a problem for many in st lucie county
Article Courtesy Lisa Gibbs, senior writer
(Money Magazine) — A transfer in 2005 landed Air Force major Richard Hallbeck, his wife, and two kids in Southern California smack in the middle of the real estate bubble. Home prices in the area had doubled in the past five years and were still climbing. So the Hallbecks swallowed hard and bought an $845,000 four-bedroom in a suburb of Long Beach.
The $3,800 monthly payment was high but affordable on two incomes. (Laurie, now 37, worked as a claims adjuster.) And they figured the market was so strong that when they had to move again, they’d at least break even. “Our house actually appraised over what we paid for it,” Richard, 42, recalls wistfully.
Since then, area sale prices have fallen 26% — when properties sell at all. Meanwhile, the recession cost Laurie her job, and the payment on the couple’s adjustable-rate mortgage will jump $800 in July. Next year Richard will face mandatory retirement from the Air Force, and his pension will be a third of his current $117,000 income.
All that’s got the Hallbecks anxious to move to a more affordable city — like Dayton, where they used to live. But they’re just as anxious about how much they could lose on the sale of their house.
A similar home down the street lists for $655,000, $21,000 less than the Hallbecks’ outstanding mortgage. At that price, the couple would be out $231,000, including their down payment and closing costs. “The stress has really worn on us,” Richard says.
Nationwide, about one in four home mortgages are now underwater, meaning borrowers owe more than their places are worth. No surprise, California and other bubbly states — Nevada, Arizona, and Florida — lead the nation.
While a bevy of new federal programs aim to help, underwater owners who want to move still face uncomfortable choices: Postpone the move and continue sinking money into a pit; sell for a loss, forfeiting the down payment and some savings to close the deal; desperately try to enter into a short sale; or simply walk away and face the consequences of foreclosure. If you (or your kids) are in this situation, here’s how to think about the options.
Keep on keeping on
If you don’t have to move and can afford the payments, it probably makes sense to soldier on and wait for housing prices to recover, says Denver financial planner Ross Schmidt. Moody’s Economy.com projects that prices in 61% of metro areas will return to recent peak levels by 2015.
If you live in one of the harder-hit cities — which may take 20 years to rebound — and you’re more than 25% underwater, your house won’t be a financial asset anytime soon. But as long as you’re happy to stay in it for many years, that may not matter.
In the meantime, you may be able to cut your loan balance — and lower your payments — through a new federal program that refinances existing loans into smaller FHA loans. To qualify, you must be current on payments — but it’s up to the lender to agree to it.
The Hallbecks might have been eligible for some of this aid, but Laurie is eager to move with the kids by this fall, rather than waiting until Richard retires — which will be in the middle of the school year.
Beg the bank for a break
What if you need to get out of the house? The Hallbecks initially considered renting their place out. But they’d probably lose money, given the spread between their mortgage payment and rental prices. Becoming a landlord is a risk even in areas where you can cover carrying costs, as you’re still on the hook in between tenants, says Maryland financial planner Timothy Maurer.
A cleaner option may be to ask your lender for a short sale, in which it would accept less than the loan amount. To convince the bank, homeowners must show they’re at risk of default because they can’t make payments or are so deep underwater that they’re likely to bail. (With $155,000 in savings outside of retirement accounts, it’s unlikely the Hallbecks will qualify.)
It can take months to arrange a short sale, if you’re successful at all. So for best results, work with a “distressed-property specialist,” a real estate agent who has experience negotiating with lenders. At realtor.com, select “SFR” under Find a Realtor to search for this type of specialist.
Also seek free advice from a certified mortgage consultant, whom you can find via makinghomeaffordable.gov, suggests Melinda Opperman, of Springboard Nonprofit Consumer Credit Management. Such an adviser can help you determine whether your loan type allows the bank to come after you for money later. He or she can also help ensure the loan is reported as “settled” to the credit bureaus. A mortgage listed as “settled for less than agreed” can damage your score the way a foreclosure would.
Speaking of foreclosure, University of Arizona law professor Brent White says walking away may make sense financially if you’re more than 40% underwater and could rent a similar house for less than your mortgage bill. But doing so has consequences, not the least of which may be a guilty conscience. Foreclosure stays on your credit report seven years — and can cut a 780 score an average of 150 points, per Fair Isaac. That can affect everything from your insurance premiums to your employment potential to your future ability to buy a house.
Eat the loss yourself
For the Hallbecks, the best — and fastest — option may be simply selling the house and paying any difference between the sale price and the mortgage out of pocket, says Maurer. That is a good, if not particularly palatable, choice for homeowners who have significant savings and aren’t deeply underwater. Selling this way eliminates any credit risks.
Port St Lucie Home Short Sale Information
April 23, 2010 by Judy
Filed under Avoid Foreclosure, Featured Properties, Short Sales
Home Port St Lucie Short Sale Information
Sharon Kelly - Short Sale Professional
Port St Lucie Houses Are Underwater
March 12, 2010 by Judy
Filed under Avoid Foreclosure, Foreclosure News, Short Sales
Over 50 percent of homes in our area are upside down. Have questions or need some advice on what to do with your home? Call Sharon Kelly Realty today at 1 -800 -778-8335 and she’ll help answer your concerns.
Courtesy Paul Ivice- TCpalm
More than half of mortgaged residential properties in St. Lucie and Martin counties are “under water,” a recent report by a company that tracks home sales, price trends and foreclosures shows.
The report by California-based First American CoreLogic found that 56 percent, or 62,696, of all residential properties with a mortgage in the Port St. Lucie Metropolitan Statistical Area were in a negative equity position for the fourth quarter of 2009. That’s more than double the national rate of 24 percent.
The Port St. Lucie Metropolitan Statistical Area encompasses St. Lucie and Martin counties. First American did not report similar data for Indian River County.
Another 3 percent, or 3,345, in the two-county area had equity of less than 5 percent.
Negative equity, often referred to as “under water” or “upside down,” means a borrower owes more on the mortgage than the home is worth. Negative equity can occur because of a decline in value, an increase in mortgage debt or a combination of both.
First American CoreLogic also reported that more than one-fourth of home mortgages in St. Lucie County are at least 90 days delinquent.
The report found that 26.6 percent of residential mortgages were severely delinquent in St. Lucie County, the third-highest rate among Florida’s 48 most-populous counties. A year ago, 19.7 percent of St. Lucie County mortgages were more than 90 days past due.
Indian River County’s mortgage delinquency rate is 16.6 percent, up from 10.3 percent a year ago. In Martin County, the rate is 11.8 percent, up from 7.1 percent.
Foreclosure rates in January in the Treasure Coast were up compared with the same period last year, according to First American CoreLogic, which analyzes data from 47 million properties with a mortgage, or more than 85 percent of all mortgages in the U.S. The foreclosure rate is the percentage of loans in some stage of the foreclosure process, from 90-day delinquencies through properties sold at auction.
St. Lucie County had the highest rate among the three counties at 15.1 percent, up from 11.7 percent a year earlier. St. Lucie County’s rate was the fourth highest in the state behind Miami-Dade (18.1 percent), Osceola (17.8) and Hendry (15.3).
Indian River County’s rate was 9.7 percent, up from 6.5 percent a year ago. Martin County’s rate was 6.9 percent, up from 3.6 percent.
The national foreclosure rate for January was 3.2 percent.
“Negative equity is a significant drag on both the housing market and on economic growth. It is driving foreclosures and decreasing mobility for millions of homeowners,” said Mark Fleming, chief economist with First American CoreLogic. “Since we expect home prices to slightly increase during 2010, negative equity will remain the dominant issue in the housing and mortgage markets for some time to come.”
Negative equity continues to be concentrated in five states: Nevada, which had the highest percentage negative equity with 70 percent of all of its mortgage properties under water, followed by Arizona (51 percent), Florida (48 percent), Michigan (39 percent) and California (35 percent).
Among those five states, the average negative equity share was 42 percent, compared with 15 percent for the remaining states.
New Guidelines for Home Short Sales
February 8, 2010 by admin
Filed under Foreclosure News, Short Sales
Financially stressed homeowners left hanging while their banks consider whether to approve the short sales of their properties may benefit from new federal guidelines.
In a short sale, the homeowner sells the property for less than what is owed on the mortgage, and the lender forgives the difference.
While short sales are considered an ideal solution for banks and for “underwater” homeowners on the verge of foreclosure, the deals often drag on as lenders take weeks or months to decide what to do.
Lenders now have a 10-day limit in which to respond to purchase offers.
The Treasury rules also call for sellers to receive $1,500 moving allowances - and for the sellers not to have to repay any of the debt.
Lenders will get $1,000 to cover administrative and processing costs.
Note: Only banks that owe the federal government TARP bailout funds must comply.
Courtesy - (South Florida) Sun Sentinel
Local real estate market on a ‘comeback’ says ECAR - Port St Lucie Homes Best Buy
February 5, 2010 by admin
Filed under Foreclosure News, Property Deals, Short Sales
Port st lucie housing market is prime for buyers
Local homes in st lucie county are prime for the investor as homes for sale are well below the average price. Here is an article that I would like to share with you about Florida’s Real Estate market and the comeback that is happening.
The Florida existing housing market made some sizeable leaps during the final month of 2009. According to tatistics released by Florida Realtors, December sales of existing single-family homes jumped 33 percent and condos, a whopping 91 percent.
“The market is on a comeback,” said Emerald Coast Association of Realtors (ECAR) President Mary Ann Windes. “That’s why ECAR’s theme for 2010 is ‘The future’s so bright, we gotta wear shades!’”
Locally, sales of existing single-family homes along the Emerald Coast were up 22 percent. Panama City also saw their numbers rise, albeit modestly at 2 percent, and Pensacola reported a small decline, dipping 2 points.
While most of the markets in Florida saw a decrease in the median sales price including Panama City and Pensacola at 9 and 8 percent, the Emerald Coast was one of only a handful to report an increase, up by 10 percent.
“We’ve been creeping along the bottom of the market for awhile now and we’re seeing a little upward movement in price. Even though we won’t know for sure until we’re well past it, we believe prices hit the bottom in 2009,” said Windes, broker-owner of Real Estate Professionals of Destin Inc.
“It’s too early to say that they’re rising,” she continued, “but I can tell you from personal experience that prices are getting competitive again.”
Condos remained a hot commodity in the chilly month of December, with sales of existing units soaring 91 percent, as compared to the previous year. The Emerald Coast bettered the state’s average, rising 135 points. Panama City and Pensacola also saw gains, each rising 42 and 70 percent respectively.
Although the median sales price dipped in nearly all Florida markets, gains were reported in three areas, including Pensacola, up 28 percent. While the Emerald Coast and Panama City Beach reported decreases in median sales prices of 8 and 10 percent, both areas skirted under the state’s average drop of 18 percent.
“With the number of buyers increasing in the market, sellers don’t have to reduce their prices to compete, and this seems to be stabilizing prices,” Windes said.
She also noted that short sales and foreclosures appear to be attracting buyers to the market, and this trend probably won’t disappear anytime soon.
“Short sales and foreclosures are a reality of the market and will be for quite some time,” Windes affirmed. “The market continues to adjust to current conditions, as it always does.”
Windes observed that federal tax incentives continue to draw buyers to the market now that the deadline for the first time homebuyers’ $8,000 tax credit, originally implemented in 2009, has been extended to include buyers who sign sales contracts between Nov. 7, 2009 and April 30, 2010, providing they haven’t owned a primary residence in the past three years.
Additionally, a relatively new tax credit allows qualifying repeat buyers to reap up to a $6,500 tax credit, if the home being sold or vacated was used as a primary residence for at least five consecutive years of the past eight.
With all the programs, incentives and other factors affecting the market, it’s particularly important to Rely on a Realtor, said Windes. “Realtors are bound by a higher code of ethics and are required to disclose materially known defects,” she said, listing just a few of the advantages Realtors bring to a transaction. “And Realtors know who’s who among lenders, property and pest inspectors, surveyors, appraisers and closing agents.”
This article was contributed to The Log by the EmeraldCoastRealtors.com
Sharon J Kelly agrees that now is the time to buy 2010 Real Estate in Port St Lucie
January 5, 2010 by admin
Filed under Buyers, Current Events, Foreclosure News, New Homes, Short Sales
The jumbo mortgage market will probably see some programs re-introduced, but underwritten more conservatively with larger down payment requirements. No income verification programs may return at premium rates, but from sources other than conventional lenders. No asset verification problems are unlikely.
The market should pick up early this year and slow by summer as government incentives end and pent up demand is satisfied and/or rates go up. Then, I expect a steady market through the end of the year with a typical seasonal fall and winter price fluctuations.
The inventory of good properties is likely to increase this spring, but I expect a shortage of good inventory. Buyers will be fussy or sit it out until the right property becomes available at the right price.
That should lead to some appreciation and bidding wars, then flat values, maybe even a price rollback in the fall-winter market.
Most lenders won’t dump foreclosures onto the market. They’ll be slowly released or sold in packages.Rules for short sales will become more standardized.
Mortgage guidelines will tighten then relax. Some may become specific to certain types of markets.
Mortgage workouts will be practiced by attorneys that master them. Most lenders will modify only as a last ditch effort to save money.
Interest rates will go up, but probably not as high as many are predicting, possibly due to government intervention.
Financing will be available to those that meet traditional “pre-boom” underwriting guidelines and have the credit score, down payment and job security lenders want to see.
Some seller financing is likely to become more prevalent, especially toward the higher end of the market and in the small multi-family and investment property market.
Residential buyers will buy because they need a long-term place to live and want to control their own environment and costs. Investors will buy for the long term to lock in today’s rates.
2009 seemed like a wild ride on a big, long roller coaster. I don’t know anyone that was sad to see 2009 end. Unless we have a major economic or military surprise this year, I expect that 2010 will be more like a ride on the kiddie coaster. There will be ups and downs and we will hit bumpy spots along the way, but we’ll adjust. People will continue to buy and sell real estate for the same reasons that they have for centuries…….and the debate over where prices will go will continue, especially on this blog.
Sam Schneiderman, Broker-owner of Greater Boston Home Team shares what he expects to see on the job in 2010.
Understanding Short Sale Procedures
July 1, 2009 by Judy
Filed under Short Sales
This information is beneficial whichever part of the country you’re in.
Understanding the Complexities and Procedures of Short Sales:
| Written by The Magazine of Santa Clarita | |
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Short Sale Transactions and Non-Judicial Foreclosure Proceedings
With so much anxiety regarding our current economy and real estate market, a common question property owners ask is: What are my rights and obligations if my property goes into foreclosure, or if I decide to sell my property and it is in a Short Sale position with the bank? The answer is somewhat complex, and may surprise you. The protection offered by the group of Laws that make up California’s Anti-Deficiency laws are complex, but a brief and somewhat incomplete overview or checklist for whether a loan is non-recourse is: 1. Is the loan for Purchase-Money or Non-Purchase Money? 2. Was the loan made for a residential property of one to four units? 3. Is the borrower living at the property? 4. Did the Lien Holder pursue Judicial or Non-Judicial Foreclosure of the property in question? The answer to these and other more complex questions will help determine whether the loan falls under California Anti-Deficiency Laws and thus, the Lender is and would be limited to taking back the property and not allowed to go after the borrower personally. In many cases similar rules may apply to short sale situations. As mentioned above, the actual rules surrounding California’s Anti-Deficiency Laws are complex, and require individual assessment by a qualified and experienced legal professional, particularly in situations where a borrower finds themselves in collections after a short sale or foreclosure. In such situations, a complete review of the borrower’s situation would be necessary to determine the validity of any amounts alleged to be due by a lender or collection agent. The requisite review of the borrower’s situation would include a review of the original loan documents, title documents, any modifications of the loan(s), and if applicable, short sale approval letter(s), and surrounding documentation. If you are currently in foreclosure process, in escrow in a Short Sale Transaction, have recently completed a Short Sale transaction, or have lost your home to foreclosure proceedings, please do not hesitate to call for competent and discrete legal counsel regarding these matters. For more information, please call 661-702-4651 and visit www.grouponelegal.com . .bl {background: url(http://www.santaclaritamagazine.com/components/com_magazine/layouts/images/bl.gif) 0 100% no-repeat #eeeeee; } .br {background: url(http://www.santaclaritamagazine.com/components/com_magazine/layouts/images/br.gif) 100% 100% no-repeat} .tl {background: url(http://www.santaclaritamagazine.com/components/com_magazine/layouts/images/tl.gif) 0 0 no-repeat} .tr {background: url(http://www.santaclaritamagazine.com/components/com_magazine/layouts/images/tr.gif) 100% 0 no-repeat; padding:10px} .clear {font-size: 1px; height: 1px} |
Courtesy: santaclaritamagazine.com
Mortgage Modifications May Extend to Second Mortgages
July 1, 2009 by Judy
Filed under Short Sales
New Loan Modification, Short Sale Options
by Broderick Perkins
| Now, mortgage modifications can include second mortgages — not just first mortgages — and cash incentives are sweetening short sale deals, thanks to new efforts by the Obama Administration.
The new efforts give some homeowners a second shot at a home-saving loan modification, especially if they were originally turned down — or turned off — because the second mortgage (piggy back, home equity loan or line of credit, etc.) impeded the process. Other homeowners may now be able to take the short sale escape route from unaffordable mortgages that could otherwise wind up in foreclosure. Second mortgage modifications Loan modifications are designed to make the home loan more affordable, typically by reducing the interest rate, extending the term of the loan and, less often, by reducing the principal. They are not refinanced mortgages, which pay off the old mortgage with a new mortgage. Under Making Home Affordable’s new second-lien program, borrowers whose first mortgages are modified will automatically have payments reduced on their second mortgages as well, provided the first and second-mortgage lender participates in the program. Twelve mortgage servicers currently do. Among them are large banks including, Bank of America, Wells Fargo, Countrywide, Citibank, Chase and others. Eligible homeowners looking to modify their first mortgage must be an owner-occupant of the home; have an unpaid principal balance that is no more than $729,750; have a loan that was originated on or before January 1, 2009; have a mortgage payment (including taxes, insurance, and home owners association dues) that is more than 31 percent of their gross monthly income; and have a mortgage payment that is not affordable, perhaps because of a significant change in income or expenses. Under the new second mortgage program, in addition to lowering the payment, lenders can also opt to erase a borrower’s second mortgage in exchange for a lump-sum payment from the government. New short sale incentives Short sale incentives were among recent refinements to the Obama administration’s housing rescue programs. In a short sale, the lender closes the mortgage in return for whatever sale price the homeowner can net. However, the difference is sometimes considered income for which the selling homeowner may be taxed. It’s important to include a tax professional’s advice in the deal. Under the new short sale incentive, lenders can receive a $1,000 payment from the U.S. Treasury for allowing the owner to sell the house for less than the amount owed on the mortgage and for accepting the proceeds as full repayment, rather than treat it as a short sale. Lenders can also receive $1,000 for accepting a deed-in-lieu transaction, in which the deed is simply transferred to the lender instead of going through a costly foreclosure. Homeowners who agree to short sales or deed-in-lieu deals can receive up to $1,500 in closing costs. To help stop second mortgages from blocking the deal, the Treasury will pay second lien holders up to $1,000 to relinquish their claims in such transactions. To learn more about these options visit MakingHomeAffordable.gov |
Courtesy NewsGeni.us
